India expects foreign investment in the petroleum sector, Oil Minister Dharmendra Pradhan said today.
He said Indian trade has got a boost after Narendra Modi became the Prime Minister.
"Now the entire world is looking at India and want to invest here. Various multi-national companies are showing interest," he told reporters here.
Pradhan, who will represent India at the 19th Steering Committee meeting of TAPI pipeline project in Turkmenistan tomorrow, said the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline will benefit India enormously.
He further added that the matter of quickly getting a consortium in place will be discussed at the meeting.
The TAPI pipeline will have a capacity to carry 90 million standard cubic metres a day (mmscmd) gas for a 30-year period and will be operational in 2018. India and Pakistan would get 38 mmscmd each, while the remaining 14 mmscmd will be supplied to Afghanistan.
TAPI will carry gas from Turkmenistan's Galkynysh field, better known by its previous name South Yoiotan Osman that holds gas reserves of 16 trillion cubic feet. From the field, the pipeline will run to Herat and Kandahar province of Afghanistan, before entering Pakistan. In Pakistan, it will reach Multan via Quetta before ending at Fazilka (Punjab) in India.
Pradhan later paid obeisance at the sanctum sanctorum of the Golden Temple.
