From Seeking
Alpha
India is home to more than a billion people with a
burgeoning middle class and is targeting economic growth of more than 6% for
the next couple of years. Like other emerging markets that have grown rapidly
in the last decade, India needs lots of fuel to pump its economy but big oil
has largely shied away from making significant investments in the country. However, in February, two of the leading
European oil firms have announced their Indian investment plans worth billions
of dollars.
The Anglo-Dutch oil major Royal Dutch Shell (NYSE:RDS.A),
has decided to invest around $1 billion to develop a floating liquefied natural
gas terminal off the coast of Kakinada in the state of Andhra Pradesh as early
as 2014 through a joint venture with the Indian billionaire Anil Ambani’s
Reliance Power, India’s biggest private sector power generation firm. Shell
currently has an LNG import plant in the state of Gujarat which has a capacity
of 3.6 million ton; which will be gradually upgraded to 10 million tons by the
end of next four years. The demand for natural gas in India has been growing
and is expected to increase by 280% from the current levels to ….. read
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