Indian Oil to Invest $944 Million on Gas Sales Network in Nine New Areas
NEW DELHI (Reuters) — Indian Oil Corp, the country's top refiner and fuel retailer, aims to invest 70 billion rupees ($944.02 million) to build gas sales network infrastructure, including pipelines, in new areas, the company said on Sunday.
IOC said it has obtained nine licenses to sell gas to households, automobiles and small industries, representing about a third of the demand potential in 61 geographical areas in various states that were recently auctioned by the Petroleum and Natural Gas Board. The new licences awarded to IOC relate to major districts of some states. The company is already working on gas sales projects worth 200 billion rupees.
Prime Minister Narendra Modi is aiming to raise the share of natural gas in India's energy mix to 15% by 2030 from the current 6.2%. Natural gas, while still a fossil fuel, emits less CO2 than coal.
India, the world's third biggest emitter of greenhouse gases, has set a 2070 goal for net zero carbon emissions.
Related News
Related News
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments