The oil and gas industry has been instrumental in fueling the rapid growth of the Indian economy. Petroleum exports have also emerged as the single largest foreign exchange earner, accounting for 17.24 per cent of the total exports in 2007-08. India is emerging as the global hub for oil refining with capital costs lower by 25 to 50 per cent over other Asian countries. Increase in automobile sales has led to significant investments being made to develop and expand the petroleum retail market. Gas demand in India is dominated by the power and fertilizer sectors which account for 66 per cent of the current consumption. With economies like China and India growing at a fast pace, the demand for oil is set to rise. India and China will account for 45 per cent of the increase in global primary energy demand by 2030, with both countries more than doubling their energy use over that period. According to a recent CII-KPMG report India's energy sector will provide investment avenues worth US$ 120 billion-US$ 150 billion over the next five years. According to the Investment Commission of India, the total opportunity in the oil and gas sector is expected to reach US$35 billion to US$ 40 billion by 2012. The global oil demand in 2010 would rise by 170,000 barrels a day to 86.5 million barrels, as developing countries need more crude to steer ahead their economies. As a result there is huge demand for Oil and Gas news notification, Oil and Gas News, Petroleum News, News from Oil and Gas, Petroleum Global News, Oil and Gas News, Petroleum government news, Oil and Gas public news notices, Petroleum ICBs and News online.