New Delhi, Oct 29 (IANS): India's new Petroleum and Natural Gas Minister M. Veerappa Moily Monday promised to turn the challenges faced by the oil sector into opportunities.

"I will try to turn every challenge into an opportunity," Moily told reporters here on his first day at the petroleum ministry soon after assuming charge after Sunday's cabinet rejig. He said his ministry would take decisions expeditiously, and set a target of more than tripling oil consumption in the country to boost economic growth. He promised a road map to take consumption to six barrels a person, annually.

"Average worldwide oil consumption is 14 barrels per person per year, while in developing countries it is three barrels per person per year. In India, the picture is not so happy, with a consumption of 1.2 barrels per person per year. This is a matter of concern," he said.

On his priorities in the ministry, Moily said the investment policy has to be made conducive for foreign investment, and delays in putting in place such a policy were undesirable.

"Decisions will be quickened, and efforts will be made not to keep things pending," he said.