November 6, 2019 / 7:41 AM / 9 months ago

India seeks foreign investments in oil and gas sector - minister

FILE PHOTO: India's Oil Minister Dharmendra Pradhan speaks during an interview with Reuters in New Delhi, June 12, 2015. REUTERS/Anindito Mukherjee/File Photo

NEW DELHI (Reuters) - India, the world’s third-largest oil importer, wants more foreign investments in its oil and gas sector, oil minister Dharmendra Pradhan said on Wednesday, as the country takes steps to woo companies, including a recent cut in corporate taxes.

India will secure capital, world-class technology and implement any policy reforms needed to become an international energy leader, Pradhan said at an energy conference in New Delhi.

“India wants to be the new destination for global energy players,” he said.

Oil producers worldwide are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country’s economy grows.

India has already outlined plans to sell some state-owned companies to local or foreign investors by March 2020, including oil refiner Bharat Petroleum Corp Ltd.

Reporting by Nidhi Verma; Writing by Sachin Ravikumar, Editing by Sherry Jacob-Phillips

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