India Preps for an Energy Grab
Posted by Admin on November 25, 2010
Plutonium Nugget
| Written by Dave Forest |
| Wednesday, 24 November 2010 16:35 |
| We’ve heard a lot the last year or two about the race to secure natural resources between Asian nations like China, Japan and Korea.
Get ready for that space to grow more crowded. India is jumping into the fray. Indian gas utility GAIL India and state-owned petroleum explorer Oil India both said this week they will consider their first-ever overseas debt sales. The issuances would allow foreign investors to buy into these companies, using dollar-denominated instruments. The stated purpose for this new capital: M&A. Oil India says it is “actively studying” petroleum assets in Australia, South America and Africa. I’ve talked about how India needs to get aggressive with foreign coal assets. Now it appears they are expanding the search into other energy arenas. This even includes uranium. It emerged this week that Russian state nuclear company Rosatom has offered Uranium Corporation of India a role in developing the massive Elkon U deposits in Yakutia. If India does enter the race for energy assets in earnest, it’s going to make a tight space even tighter. Keep watching the signs. Here’s to the other Asian superpower. Dave Forest |
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