Presiding over the Theme Session on Asian Gas Market: Challeges & Opportunties in the Cahnging Paradigm at the 8^th Asia Gas Partnership Summit 2013, here today, the minister expressed the hope that the implementation of TAPI would serve the energy needs of partner countries and create excellent business opportunities for stakeholders in the project.

The two-day summit is organised by Federation of Indian Chambers of Commerce and Industry (FICCI), promoted Gas Authority of India Ltd (GAIL) and supported by International Gas Union (IGU) and Natural Gas Society.

Dr Moily said that the role that the role of oil in 20^th century to develop and building economies the world over will be supplemented by natural gas in 21^st century. In this context,� timely execution of the TAPI project is crucial to ensure that the beneficiary countries are able to obtain gas at affordable and stable prices to sustain their economic development with desired levels of growth rates.

India�s energy needs would more than double in coming years, forcing it to explore both onshore and offshore under an economic regime that is investment friendly and reformist in nature. The effort would be make India a net exporter of hydrocarbon products in the future. This would require new discoveries for which an appropriate regulatory regime is sought to be put in place, he said.

Dr Moily endorsed the idea, mooted by GAIL Chairman and Managing Director & Co-Chairman, FICCI Hydrocarbons Committee, Mr B C Tripathi,� to set up Asian Gas Cooperation Forum to enable Asian countries to cooperate in exploring their energy needs in an equitable and fair manner for mutual gains as gas demand in the region would multiply with India emerging a lead economy after China in next decade or so.

The Minister for Oil and Gas Industry of Turkmenistan, Mr Muhammetnur Halylov, in his address said that of the total hydrocarbon reserves in his country, the share of gas is estimated at 70 per cent and its government has been developing gas fields in the best manner possible to enable to country become the lead supplier of natural countries in the Asia and CASPEAN region mainly through pipeline connection.

�Our Government would do all possible to help countries that need natural gas for their socio- economic development as per evolving trade practices,� he said, hoping that India and Turkmenistan would cooperate closely in exploring their hydrocarbon prospects.

The Petroleum Secretary, Mr. Vivek Rae, stressed on the need for fair and stable gas prices from the suppliers as India compares natural gas prices with other fuels such as diesel and LPG and accordingly strikes business deals for its domestic consumption.

The Executive Director, International Energy Agency, France, Ms. Maria Van Der Hoeven,� said that India�s energy needs would multiply as its economy grows and� therefore it would have to explore new discoveries to cater to its needs.

The President, International Gas Union, France,� Mr Jerome Ferrier, also shared his perspectives on the topic.

The Partner McKinsey & Company, Mr� Vipul Tuli,� in his presentation said, �� India and China will continue to drive demand growth for hydrocarbon products, especially for natural gas� while new demand Centres also emerge in Asia and Middle East��. He also supported the idea for formation of Asia Gas Co-operation Forum as proposed by the GAIL chief and endorsed by India�s� Oil and Gas Minister.��