CNG To Get Cheaper, India's $1 Bn Stuck In Venezuela: Hardeep Singh Puri After Union Budget 2026

After the Union Budget 2026-27 was tabled on Sunday, February 1, Hardeep Singh Puri, Union Minister of MoPNG, revealed that as a result of bio gas no longer being assessed for duty translates to cheaper compressed natural gas, and bio fuels.

"The assessment is that going forward, biofuels, biogas, compressed biogas, all these are receiving a boost. So, when a budget comes up with something like this, I am thrilled," he said.

Highlighting India's dominance in the energy sector, Puri said, "From 27 countries, we are now buying from 41 countries. We are today the third largest consumer, but we are also the fifth largest exporter of energy and energy products."

"Our refining capacity, we are the fourth largest refiner in the world. It's 260 million metric tonnes per annum. It is going up to 320 and then maybe beyond to 400 also." he said.

India's Longstanding Relationship With Venezuela 

On how Bharat is reacting to major geo-political events like US President Donald Trump's Venezuela move which led to the ouster of Venezuela President Nicolas Maduro, the Union Minister said, “We've had a longstanding relationship of buying oil from them. Our refineries, at least two or three that I know, are particularly configured to deal with that heavy oil which Venezuela produces. And we have been buying from Venezuela earlier also.”

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"In fact, I have a billion dollars stuck there. So we were buying earlier when it came into those sanctions, etc. Now, Venezuela has large reserves. I mean, they were estimated at 300 billion barrels at one stage, but they are only producing one million barrels a day, partly because there has not been much investment there. But if Venezuelan production goes on and India has been traditionally buying and we are going to buy more, it's good news for India. It's very good news," he said. 

Budget Push For India's Energy Sector Amid High Investment Potential 

He also noted how India energy sector capex outlay had risen from Rs 2 lakh crore in 2014 to now Rs 12.2 lakh crores, signalling confidence in the South Asian nation's future potential.

Earlier, PM Modi had highlighted a $500 investment potential in the country's energy vertical and how India aimed to garner $100 billion in investments in offshore oil and gas exploration and broaden the coverage to one million square kilometres.

Further, he noted that Andaman and Nicobar basin has emerged as a significant hydrocarbon region. Reforms like such reduction of No-Go areas and regulatory moves, incorporating feedback from earlier India Energy Week editions, have made the sector more investor-friendly. 

The Prime Minister also mentioned India ranks second globally and will soon emerge as the world’s largest refining hub. I

Currently, India’s refining capacity of around 260 million metric tonnes per annum is expected to cross 300 MMTPA in the near future.