58721
India Eying Own Giant Oil Co.
India Eying Own Giant Oil Co.

India Eying Own Giant Oil Co.

India Eying Own Giant Oil Co.

India plans to form a giant national oil company by combining other state-owned firms, finance minister Arun Jaitley said on Wednesday, as New Delhi wants to expand its foreign presence to meet growing domestic fuel demand. India, struggling to lift its local oil production, imports about 80% of its oil needs. Prime Minister Narendra Modi in 2015 set the goal of cutting this import dependence to 67% by 2020, Reuters reported. "We propose to create an integrated public sector oil major which will be able to match the performance of international and domestic private sector oil and gas companies," Jaitley said in his budget speech. India has about a dozen state-run oil and gas companies—including Indian Oil Corp, Oil and Natural Gas Corp , Hindustan Petroleum Corp and others—but alone they do not have the financial power to rival global oil majors in bids for overseas exploration and production assets.

Short URL : https://goo.gl/11aHRJ
  1. https://goo.gl/jbucvr
  • https://goo.gl/jXTgev
  • https://goo.gl/4rgFCn
  • https://goo.gl/5bshCm
  • https://goo.gl/4ci42d

You can also read ...

Iraq Raising Crude Exports to Make Up for Kirkuk Shortfall
Iraq said it was increasing oil exports on Saturday from the...
Shipping delays and quality concerns are jeopardizing Venezuela’s crude sales.
Venezuela's state-run petroleum firm PDVSA has been barred...
The possibility that OPEC will extend the cuts points to a more optimistic view of the industry.
Schlumberger reported on Friday a higher net profit for the...
Iran's Heavy Crude Price Ticks Up
Iran's crude oil price movements were limited in the week to...
Iran is pushing ahead with plans to build several LNG production and export facilities.
Despite years of speculations and no action, Iran continues to...
NIGC Assures Stable Energy Supply in Winter
In line with efforts to ensure energy supply during the cold...
Saudi Arabia's Falih Calls for Crude Supply Cooperation
Saudi Oil Minister Khalid al-Falih made a high profile visit...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus