1. Rosneft to foray in Indian retail fuel sector: Dharmendra Pradhan

Rosneft to foray in Indian retail fuel sector: Dharmendra Pradhan

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday revealed that Rosneft, the oil industry leader in Russia, is looking to venture into the Indian retail fuel sector.

By: | Bengaluru | Published: June 19, 2017 10:37 AM
Rosneft, Rosneft news, Dharmendra Pradhan, Dharmendra Pradhan news, Dharmendra Pradhan petroleum minister, fuel market india, indian retail fuel market Union Petroleum Minister Dharmendra Pradhan. (PTI)

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday revealed that Rosneft, the oil industry leader in Russia, is looking to venture into the Indian retail fuel sector. Speaking to media post the inauguration of the City Gas Distribution Project here, Pradhan said an investment to the value of $13 billion was invested in the preceding financial year, which was hailed as one of the largest deals in the industry. The company, which recently took over Essar Oil, is expected to get a 49 percent stake in the latter’s shares, using which the company is looking to expand its global footprint.

The $12.9 billion deal is projected to be implemented by July 2017, and will be the largest acquisition by a foreign firm in the Indian market. Speaking about the City Gas Distribution Project, Pradhan said the project would entail an investment of Rs. 6,283 crore, and would be implemented across India’s Silicon Valley by GAIL India Ltd.

Pradhan also stressed on the importance of natural gas, and said the city would be connected with clean fuel and for the transport sector. Furthermore, he highlighted the government’s vision to introduce a policy to ban the fuel oil and put more pressure on the usage of Natural Gas, adding that in the coming years, the IT hub will have latest quality power.

  1. B
    Bona
    Jun 19, 2017 at 12:03 pm
    Unfortunate that Govt. doesn't understand the long term implications
    Reply

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