Big Oil Eyes India’s $100 Billion Energy Boom


Big Oil Eyes India’s $100 Billion Energy Boom

India is inviting the biggest international oil companies to invest in the privatization of its state-held oil firms, Indian Oil Minister Dharmendra Pradhan said at an energy event late on Monday.

“We are inviting oil majors,” Pradhan said on the sidelines of the ADIPEC conference in Abu Dhabi, as carried by Reuters, in first comments that India is considering inviting foreign companies to buy into Indian state-held oil firms.

India’s Prime Minister Narendra Modi has recently held meetings in Houston with top executives from ExxonMobil, Shell, BP, Rosneft, Saudi Aramco, and Abu Dhabi National Oil Company (ADNOC), the Indian oil minister said.

In September, reports emerged that India weighs selling the state’s majority stake in Bharat Petroleum Corporation (BPCL), the country’s second-largest state-owned refiner, to an international oil company. Read More

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