India eager to increase presence in US energy market: Oil minister Pradhan | business-news | Hindustan Times
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India eager to increase presence in US energy market: Oil minister Pradhan

India has invested in the energy market across the globe Russia, Canada, New Zealand, Australia, Vietnam, Africa and Latin America but its presence is minuscule in the US.

business Updated: Mar 07, 2017 13:55 IST
Dharmendra Pradhan
Dharmendra Pradhan(HT photo)

India is open to the idea of investing in America’s energy sector and acquiring assets if it gets a good deal, oil minister Dharmendra Pradhan said on Tuesday.

“Our basket is really global,” the minister said.

India, which in the coming years would emerge as the largest energy consumer of the world accounting for nearly one-third, is open to investment in the US, subject to a good deal, Pradhan said.

Noting that India’s source of procuring crude oil is multidimensional, Pradhan said if India gets “good terms and reasonable price,” it is open to buy energy from anywhere, including the US.

India, of late, has invested in the energy market across the globe Russia, Canada, New Zealand, Australia, Vietnam, Africa, Latin America.

However, the presence of Indian oil and energy companies is minuscule in the US.

But India, he said, is open to the idea of investing more in the US.

“If we get good asset, good property, why not?” Pradhan said when asked if India is open to investment in the US.

“For the long-term asset acquisition, current price is not the only factor what we are looking after.

We are looking after geology of the project, logistic of the project. And also the market condition,” he said.

“So, price is not the only issue,” he said.

To a question on investment in Russia, Pradhan said,

“I think, this is one of the biggest overseas investments in the world.”

Noting that Russia is a “strategic partner” of India, Pradhan said, “We are talking to them. This financial year is yet to end.”

“Petrochemical is a sunrise sector in India. We see petrochemical as a commodity for a common man, day to say use.

We see huge opportunities from outside. We are expecting good investment from outside,” he said.