More diversified we are, more secure we are: Foreign Secretary Misri on Energy Imports

Ayanangsha Maitra, PhD | Journalist Lead, TheNewsSite.In |

New Delhi : In a media briefing addressing global energy concerns, Foreign Secretary Vikram Misri on Monday underscored that ‘national interest‘ will remain the principle “guiding factor” for India’s energy procurement as well as security policies. While Monday’s briefing primarily focused on the maiden visit of Dr. Patrick Herminie, President of Seychelles, Foreign Secretary Misri highlighted that India is a net importer in the oil and gas sector, relying on imports for about 80% to 85% of its energy resources. Given this high level of dependency, the government’s top priority is to ensure domestic consumers from inflation triggered by volatile energy costs. To achieve this, India’s policy is focused on three pillars: adequate availability, fair pricing, and reliability of supply.

“The key drivers of our energy policy are adequate availability, fair pricing, and reliability of supply. So, if you look at the data and I’m sure you’re looking at the data on a constant basis—you will see that we import crude oil from dozens of countries. We are neither dependent on any single source for this, nor do we intend to be. And it is natural for the mix of sources to vary from time to time, depending on objective market conditions. Our approach is to maintain multiple sources of supply and diversify them as appropriate to ensure stability. Therefore, I would say that the more diversified we are in this area, the more secure we are,” Misri said at the briefing. 

In the briefing, Foreign Secretary Misri was joined by Randhir Jaiswal, Spokesperson, Ministry of External Affairs and High Commissioner to Seychelles, Rohit Rathish, and Joint Secretary (Indian Ocean Region) Prasanna Shrivastava.

Speaking to media, Misri, without naming the US or Russia on Monday said, India has adopted a strategy of broad diversification, importing crude oil from dozens of different countries. The Foreign Secretary affirmed that India does not intend to be dependent on any single source, as a more diversified portfolio leads to greater national security. Furthermore, he noted that India’s role as one of the world’s largest energy consumers serves as a stabilizing factor in global energy markets.

“You are aware that India is a net importer in the oil and gas sector. We are a developing economy; we have to be conscious about our resource availability. Naturally, when you are dependent to the extent of 80-85% on an imported resource, you have to have concerns about the possibility of inflation driven by energy costs. So, it’s not surprising therefore that our foremost priority is to safeguard the interests of Indian consumers insofar as energy is concerned—to really ensure that they receive adequate energy at the right price, and through reliable and secure supplies. And our import policy insofar as energy is concerned is therefore driven entirely by these objectives,” Misri stated on Monday. 

“Now, you would also have observed that in recent years, the global economy has faced significant uncertainties which have had a major impact on the stability of global energy markets. India certainly—and I would imagine a lot of countries around the world, if not every country—have a shared and common interest in ensuring stable energy prices and secure supplies. And in fact, I would underline that India is not just one of the largest consumers of energy, but it also plays an important role as a stabilizing factor in global energy markets. And that’s one reason why we import energy from multiple sources,” Foreign Secretary Misri explained.