30 November, New Delhi
Foreign Direct Investment in the petroleum and natural gas sector in 2012-13 was Rs 1192.57 crores, in 2013-14 Rs 678.39 crores, in 2014-15, Rs 6495.67 crores and in 2015-16 (April-Sept) Rs 302,62 crores, the Lok Sabha was informed Monday .
In a written reply, Minister for Petroleum and Natural Gas Dharmendra Pradhan said that the government is encouraging FDI in order to supplement domestic investment and technological capabilities in the petroleum sector.
Pradhan said the FDI policy for petroleum and natural gas sector allows 100 per cent automatic route for exploration and production, refining by the private companies.
Public sector companies permit 49 per cent on automatic route without any divestment or dilution of domestic equity in the existing PSUs, marketing of petroleum products, pipelines, storage and LNG regasification, infrastructure and all related services, subject to the existing sectoral policy and the regulatory framework in the oil and gas sector, he added.