Dubai: India has offered UAE stakes in petrochemical plants and refinery projects as it seeks to boost energy ties with the cash-rich Gulf nation.
Oil Minister Dharmendra Pradhan on a two-day visit to UAE, promised “fair, transparent and attractive” policy regime for investing in oil and gas sector in India through “appropriate policy, regulatory and fiscal interventions”.
Addressing industry captains in Dubai, he showcased investment opportunities for UAE, which had in August last year committed to invest USD 75 billion in India.
On offer was 26 per cent stake for USD 700 million in state-owned Oil and Natural Gas Corp’s (ONGC) about-to-be- commissioned petrochemical project at Dahej in Gujarat.
Besides, there was 24 per cent equity available for USD 200 million in expansion being planned by Bharat Petroleum Corp Ltd (BPCL) of its subsidiary Bina refinery in Madhya Pradesh, from 6 million tonne to 7.5 million tonne. -PTI