India to invest $1 billion in oil sands

By JEFFREY JONES
Wednesday, February 1, 2006

CALGARY -- India has jumped into the intense competition for Canadian oil sands assets with plans to invest $1-billion (U.S.) in the next 12 months, a top Indian energy official said yesterday.
India, which has mounted a high-profile hunt for foreign reserves to help power its growing economy, is not worried its plans will put it head-to-head with long-time rival China in bidding for Canadian oil sands assets, said M.S. Srinivasan, secretary of India's Ministry of Petroleum & Natural Gas.
"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."

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.

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