India flags potential for investments of $500 B in its energy sector
India's energy infrastructure offers potential investment opportunities worth up $500 billion in the South Asian nation's quest to become independent in production of energy, Prime Minster Narendra Modi said.
"We are moving away from energy security to energy independence ... There is a $500 billion opportunity in India's energy infrastructure," Modi told delegates at the India Energy Week conference.
India is building energy infrastructure to meet demand, he said, looking towards affordable refining and transport options. In natural gas, Modi added, "We are aiming to make LNG transportation vessels domestically."
The South Asian nation aims to become the world's No. 1 in refining capacity, he said. India is currently the third largest energy consumer and importer of crude.
It aims to boost to $100 billion the opportunities on offer in oil exploration, in the effort to lift the area under exploration to 1 million square kilometer (386,000 sq. miles).
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