Russian oil giant Rosneft planned to tap Indian retail fuel market: Dharmendra Pradhan

Vastavam web: Union Petroleum Minister Dharmendra Pradhan today said Russian oil giant Rosneft planned to tap the retail fuel market in India in a big way.”Rosneft, the Russian oil major, who recently took over Essar Oil, are planning in a bigway to tap 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, here.’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 said both companies had invested USD 13 billion in Indian market in the last fiscal.On the CGD project, he said it would be implemented by GAIL Gas Limited, a wholly owned subsidiary of GAIL (India) Limited at an investment of Rs 6,283 crore.The project would cover 4,395 sq km in urban and rural Bengaluru, broadly covering eight sectors – Nelamangala, Dod Ballapur, Devanahalli, Hosakote, Bengaluru East, Bengaluru North, Bengaluru South and Anekal, he said.
“This will significantly add to people s convenience as there will be no hassles of booking, advance payment, storage, handling of heavy weight cylinders and monitoring of cylinder delivery. Billing will be done once in two months based on consumption,” he added.