Global Oil Firms To Invest Over $1 Trillion In India: Amitabh Kant

PM Modi met top CEOs and officials from firms including BP, Reliance, Saudi Aramco & Exxon Mobil in New Delhi.

1 min read
Prime Minister Narendra Modi with the oil and gas CEOs and experts from across the world, in New Delhi on 9 October.

Major global oil exporters like Roseneft, BP, Saudi Aramco and Exxon Mobil will invest $1 trillion dollars in India, increasing their previous commitments by up to five or six times.

Roseneft has invested $65 billion in India so far and is looking to increase its investment in the domestic oil market specially in refinery by five times, NITI Aayog’s Chief Executive Officer Amitabh Kant said while briefing reporters about the meeting of CEOs of oil companies with Prime Minister Narendra Modi.

Aramco intends to invest $300 billion over the next 3-4 years, ExxonMobil is interested in investing in the exploration sector and Shell is planning to partner with ONGC, Kant added.

BP's Bob Dudley said that the company will invest more after India removed the distortions in its gas price.

Prime Minister Narendra Modi met top CEOs and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency had participated.

Chiefs of several global and Indian oil companies, including Reliance Industries Chairman Mukesh Ambani, want petroleum products to be included in the Goods and Services Tax, Kant said. NITI Aayog is planning to finalise the National Energy Policy in 45 days, he added.

(The article was originally published on BloombergQuint)

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