New Delhi: Oil minister Dharmendra Pradhan has asserted that revival of 25 GW stranded gas-based capacity can push consumption of the fuel and transform the nation into a gas-based economy.

"We taking country towards a gas-based economy. Power industry is one of the important industry. If we revive 25,000 MW stranded gas-based capacity and bring them under competitive price mechanism then our gas consumption will definitely increase," Pradhan told reporters on the sidelines of the India Energy Forum by CERAWeek.

The minister said, "In world, the gas constitutes 24 per of energy basket. In Gujarat it is 26 per cent. We want to replicate this success story (in other states). Power industry is primary growth and driving point (for gas-based economy)." 

The government had brought in aRs 7,500-crore Power System Development Fund scheme for revival of distressed gas- based capacities of over 24 GW for two years till March 31, 2017. The scheme was not continued further.

The minister also lauded the efforts of the Goods and Services Tax Council which gave some tax relief to oil exploration and production sector.

"Constant reforms in markets is the only strategy. We have done a lot of reforms in the country which attracted many big energy players in the country after three years of continuous efforts."

About Saudi Aramaco, which opened its India office today, the minister said that there is joint venture of three companies with Saudi Aramaco and they will work more closely in future.

Pradhan also said that Saudi Aramco has "categorically specified" that their investment would increase in India.

"They have assured the (oil) procurement will increase due to oil manufacturing industry which would create more jobs and improve standards." 

Talking about Prime Minister Narendra Modi's deliberation with energy sector stakeholders, he said, "The prime minister started a practice since last year. Domestic as well as firms from outside countries which have stake in India are called for discussion to apprise them about our country and listen to their view on energy business in India." 

"The prime minister has taken our relationship from a buyer seller to strategic ties. He has said that beside vertical growth, India is also doing horizontal growth. More capacity and technology is welcomed. But energy should reach commoners home."