India to invite foreign firms to invest in state-owned oil companies

ABU DHABI: International energy firms will be invited to participate in India’s privatisation of state-owned oil companies, the country’s Oil Minister Dharmendra Pradhan said late on Monday.

Pradhan said Indian Prime Minister Narendra Modi recently met with the chief executives of energy firms in Houston, including those from Exxon Mobil Corp, BP Plc, Royal Dutch Shell, Rosneft Oil Co, Saudi Aramco and Abu Dhabi National Oil Co (Adnoc).

This is the first time Pradhan has signalled the government’s intent bring foreign investment into the country’s state-owned oil companies.