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India wants foreign investors for energy projects

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Reuters are reporting that India wants to attract foreign investors to US$300 billion worth of energy projects planned for the next decade.

India ships in about 80% of its oil needs, which Prime Minister Narendra Modi wants to reduce to 67% by 2020. The planned projects will include increasing the country’s refining capacity, oil and gas block exploration, and developing gas infrastructure, including for transporting LNG and regasification.

India’s oil and gas output has been stagnant for years while its fuel demand has risen with economic expansion, hitting federal finances with an import bill worth billions of dollars.

Modi’s government has been taking steps to unlock the country’s vast energy reserves and boost foreign investment in the sector and has relaxed rules, including on pricing and marketing.

Encouraged by the reforms, BP and Reliance Industries this month announced a plan to invest US$6 billion to revive a deepwater gas field off the country’s east coast.

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