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India Wants $300b in Energy Investment

India Wants $300b in Energy InvestmentIndia Wants $300b in Energy Investment

India wants to attract foreign investments for $300 billion of energy projects planned for the next decade, its oil minister 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 increase the country’s refining capacity, oil and gas block exploration and development of gas infrastructure, including for transporting LNG and re-gasification, Reuters reported. “In the next 10 years, India will offer projects worth $300 billion” to foreign companies keen to invest in the country, Indian Oil Minister Dharmendra Pradhan told an energy conference in New Delhi. India’s 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. Modi’s government has been taking steps to unlock the country’s vast energy reserves and boost foreign investment in the sector by relaxing rules, including on pricing and marketing.

 

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