Rosneft plans big to tap Indian retail fuel market: Pradhan

Union Petroleum Minister Dharmendra Pradhan has said that Russian oil giant Rosneft plans to tap the retail fuel market in India in a big way.

Rosneft is the leader in Russia’s petroleum industry and its main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad.
"Rosneft, the Russian oil major, who recently took over Essar Oil, are planning in a big way to tap the retail fuel market in India," he told reporters after inaugurating City Gas Distribution (CGD) Project to supply eco-friendly natural gas to households, industries and transport sector in Bangalore on June 18.
Last week, Reliance Industries and its partner BP had announced investment of US$ 6 billion in developing new gas fields in the KG-D6 block after an eight-year hiatus. The firms also agreed on a strategic cooperation on new opportunities for conventional and unconventional fuel trading and marketing, including jointly setting up petrol pumps.
Asked about the size of investment to be made by Rosneft and Essar to tap the fuel retailing market, Pradhan told PTI that both companies had invested US$ 13 billion in the Indian market in the last fiscal. "This was one of the biggest deals in the oil industry in the world," he added.