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Foreign Direct Investment (FDI) in petroleum and natural gas sector witnessed an almost 10-time jump in 2014-15 as compared to the preceding fiscal, touching Rs 6,473.22 crore, government told the Lok Sabha today.
Union Minister Dharmendra Pradhan, while replying to questions, said the government is encouraging foreign investment to supplement domestic investment and technological capabilities. Over the last three financial years, the sector attracted FDI worth more than Rs 8,375 crore, he said.
Giving year-wise break-up, Pradhan said FDI in petroleum and natural gas sector touched Rs 6,473.22 crore in 2014-15 when the same was Rs 678.39 crore in 2013-14. Earlier, the sector saw Rs 1,192.57 crore worth FDI in 2012-13, he said. In the first three months of current fiscal (2015-16), the sector received FDI worth Rs 31.35 crore, Pradhan said.
"There is highest investment in exploration and production of oil and natural gas, followed by refineries and marketing including pipelines network and LNG re-gasification infrastructure," the minister said. In the petroleum and natural gas sector, 100 per cent FDI is allowed in exploration and production, refining by the private companies and marketing of petroleum products, among other areas.
The Plan Capital Investment in the sector has reached Rs 2,59,278.83 crore during the period from 2012-13 financial year till the end of June 2015. To a query, Pradhan said the government has an ambitious plan for setting up 15,000 kilometres of new gas pipeline. The Centre and Andhra Pradesh governments are working together for new pipelines, including those for villages, he added.
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