India is going shopping for hydrocarbons.
Prime Minister Narendra Modi, faced with the world’s fastest growth in oil consumption, has sought deals and alliances in Iran, Russia, Saudi Arabia, Qatar and the United Arab Emirates to help secure supplies of a commodity that accounts for about a third of India’s imports. On Thursday he was in Mozambique, where state-controlled Oil & Natural Gas Corp., or ONGC, has a multi-billion dollar stake in the Rovuma offshore gas field. Read more
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