India to woo foreign investors for $300 billion energy projects: Pradhan

The world's third biggest oil consumer aims to cut imports to 67 per cent by 2020.

India has plans to woo foreign investors to $300 billion worth of investment opportunities in energy projects over the next decade, Oil Minister Dharmendra Pradhan said on Tuesday.

India, which imports over 80 per cent of its oil needs, wants to reduce it to 67 per cent 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.

"In the next 10 years, India will offer projects worth $300 billion" to foreign companies keen to invest in the country, Pradhan stated at India Energy Forum in New Delhi.

"We are looking for new business models to diversify our electricity generation by combining gas and renewables and energy storage.

"We will diversify our vehicle fleet and make it more efficient and cleaner through modern fuel specifications, Electric Vehicles, and other alternatives like CNG and LNG," PTI quoted Pradhan as saying.

Source: PTI

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