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India wants foreign investors for $300 billion worth of energy projects

Oil minister Dharmendra Pradhan said India will offer projects worth $300 billion to foreign companies keen to invest in the country, in the next 10 years.

business Updated: Oct 10, 2017 20:27 IST
Reuters, New Delhi
India,oil,Dharmendra Pradhan
Petroleum Minister Dharmendra Pradhan at the India Economic Summit 2017 in New Delhi on Oct 5, 2017. (PTI)

India wants to attract foreign investors to $300 billion worth of energy projects planned for the next decade, oil minister Dharmendra Pradhan said, as the world’s third biggest oil consumer aims to cut imports.

India ships in about 80% of its oil needs, which Prime Minister Narendra Modi wants to reduce to 67% by 2020. The planned projects will include increasing the country’s refining capacity, oil and gas block exploration, and developing gas infrastructure, including for transporting LNG and regasification.

“In the next 10 years, India will offer projects worth $300 billion” to foreign companies keen to invest in the country, Oil minister Dharmendra Pradhan told an energy conference in New Delhi on Tuesday.

The oil and gas output has been stagnant for years while its fuel demand has risen with economic expansion, hitting federal finances with an import bill worth billions of dollars.

The government has been taking steps to unlock the country’s vast energy reserves and boost foreign investment in the sector and has relaxed rules, including on pricing and marketing.

Encouraged by the reforms, BP and Reliance Industries this month announced a plan to invest $6 billion to revive a deepwater gas field off the country’s east coast.

First Published: Oct 10, 2017 19:52 IST