India to allow foreign cos to bid in oil sector selloff


India to allow foreign cos to bid in oil sector selloff

India will allow global energy companies to bid during the strategic disinvestment of state-run oil companies, oil minister Dharmendra Pradhan has said. He added that the proposed partnership with Saudi Aramco and Abu Dhabi’s ADNOC for building a $44-billion mega refinery complex in Maharashtra was on “right track”.

Reports from Abu Dhabi, where Pradhan is attending the energy conference and exhibition ADIPEC, quoted the minister as saying that the doors for foreign direct investments in India’s fuel retail market were opened by Prime Minister Narendra Modi when he met oil company bosses in Houston during his recent US visit. The Prime Minister’s round-table was attended, among others, by chief executives of ExxonMobil, BP, Royal Dutch Shell, Rosneft, Saudi Aramco and ADNOC. Read More

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