Explorer

Rosneft to foray in Indian retail fuel sector: Pradhan

Bengaluru (Karnataka) [India], June 19 (ANI): 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 USD 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 USD 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. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
Kejriwal To Stay Delhi CM From Jail As High Court Finds 'No Legal Bar,' Ball In LG's Court Now
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
PM Modi Calls Congress A 'Bully' After Lawyers Write To CJI. Here's What He Said
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Roof Collapses During Renovation Work At Chennai Bar, 3 Dead
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Arvind Kejriwal To Stay In ED Custody For 3 More Days — A Timeline Of Delhi CM's Battle In Courts
Advertisement
for smartphones
and tablets

Videos

Elvish Yadav's reaction on Munawar Faruqui's arrest, Watch Video | HOT NewsNawazuddin Siddiqui And Aliya Fixes Relationship Disbalance For Kids Upbringing | Khabar Filmy HaiRamayana: Sakshi Tanwar dismisses speculations of being a part of the movie, Watch videoWill there be a date clash between Bigg Boss 18 and Lock Up Season 2? | HOT News
Embed widget