Oil discovered by foreign companies to be marketed in India, says Aiyar

The Indian government on Thursday made it clear that all oil and gas discovered by foreign exploration companies in India would be marketed only inside the country. “Whatever oil is discovered has to be marketed in India. Similar is the case regarding gas. We shall not allow any collaboration with any foreign company which is disadvantageous to our nation,” oil and gas minister Mani Shankar Aiyar said in the Lok Sabha.

To a question whether government did a cost-benefit analysis before allowing foreign companies especially for the development of oil fields which have already been discovered, the minister said “we require further investment, technology and managerial experience of overseas companies for the development of oil fields.”

The Financial Express