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Dharmendra Pradhan invites US oil, gas firms to invest in India; eyes this much investment in 5 years
Petroleum Minister Dharmendra Pradhan invited the US companies and investors to engage and invest in India, ahead of the second ministerial meeting of India and the US Strategic Energy Partnership scheduled tomorrow. Dharmendra Pradhan said that India will see an investment of over $118 billion in the oil and gas sector in the next five years. He added that India is preparing to meet the needs of a fast-growing economy, hence the country is striving for setting up oil and gas exploration facilities and natural gas infrastructure, including the development of gas supply and distribution networks across the country.
The minister underlined that there have been a few collaborative efforts between Indian and American companies in this sector, but it is far below their potential. He also said that the resilience of the US-India Energy Partnership is one of the most durable pillars on which the bilateral relations of both countries rest. In an interaction organised by the US-India Business Council (USIBC), Dharmendra Pradhan added that even during these challenging times, India and the US have been working in close collaboration, be it in stabilising global energy markets or in collaborative efforts to address the coronavirus pandemic.
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