İrem UZUN -TDO- Oil Minister Dharmendra Pradhan, who is on a two-day visit to the United Arab Emirates, showcased investment opportunities, promising political and fiscal stability, predictable policies and a huge diverse market in India. Minister says India is open to oil imports from any party for a responsible and reasonable price. "Our focus is to attract global investments into the oil and gas sector, as India would invest USD 100 billion by 2024 in refining, pipelines and gas terminals," he said at a conference in Abu Dhabi. "There is no better place to invest (than India) if you are in the business of energy".
Pradhan said Indian Prime Minister Narendra Modi recently met the chief executives of energy firms in Houston, including those from Exxon Mobil Corp, BP Plc, Royal Dutch Shell, Rosneft Oil Co, Saudi Aramco and Abu Dhabi National Oil Co (Adnoc).The minister said a planned oil refinery on India's west coast in partnership with Aramco and Adnoc is on the right track. There will be more clarity once a new government is formed in the state of Maharashtra, where the project is planned, which is deadlocked after the recent elections, he said.
India is also open to crude oil imports from Russia, he said. "We are open to source our requirements from all over the world whoever gives us responsible and reasonable price. Russia is a very important partner for us". On Monday, the chairman of Indian Oil Corp said the company was looking at buying Russian oil.