India to Plow US$1 Billion into Oil Sands
1 February 2006
Globe and Mail. India plans to invest US$1-billion in Canadian oil sands assets over the next 12 months, according to M.S. Srinivasan, secretary of India’s Ministry of Petroleum and Natural Gas.
As many as four Indian companies are looking to invest in the region, with an eye to early-stage developments, said Srinivasan, who was heading an Indian delegation on a visit to Calgary.
India is not worried its plans will put it into head-to-head competition with China in vying for oil sands assets, according to the secretary.
“There are countries where opportunities are extremely limited, the window of opportunity is limited. There, some competition is unavoidable,” Mr. Srinivasan said.
“But when opportunities are presenting themselves on a much larger scale, then there’s room for everyone. I don’t think there’s going to be unhealthy competition.”
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