India open to investing in US energy market: Pradhan

TIL Desk/Business/Houston-India is open to the idea of investing in America’s energy sector and acquiring assets if it gets a good deal, Union Oil and Natural Gas Minister Dharmendra Pradhan said today. “Our basket is really global,” the Minister said. India, which in the coming years would emerge as the largest energy consumer of the world accounting for nearly one-third, is open to investment in the US, subject to a good deal, Pradhan said.

Noting that India’s source of procuring crude oil is multidimensional, Pradhan said if India gets “good terms and reasonable price,” it is open to buy energy from anywhere, including the US. India, of late, has invested in the energy market across the globe Russia, Canada, New Zealand, Australia, Vietnam, Africa, Latin America. However, the presence of Indian oil and energy companies is minuscule in the US. But India, he said, is open to the idea of investing more in the US.

“If we get good asset, good property, why not?” Pradhan said when asked if India is open to investment in the US. “For the long-term asset acquisition, current price is not the only factor what we are looking after. We are looking after geology of the project, logistic of the project. And also the market condition,” he said.