India plans US$1b investment in Canadian oil sands

business-times.asia1.com.sg :

India has jumped into the intense competition for Canadian oil sands assets with plans to invest US$1 billion over the next 12 months. 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. Chinese firms have been enthusiastic investors in north-eastern Alberta's oil sands over the past year, taking stakes in a handful of development projects and a pipeline proposal.

Another big consideration is the ability to get the crude wrung from the oil sands to refineries, he added. Northern Alberta's oil sands are already the target of an estimated US$100 billion of investments in new projects and expansions of those that are already producing. The resources rival Saudi Arabia's conventional oil reserves in size, but are far more expensive to develop. With surging oil prices and tight energy supplies in the US, the oil sands have in the past year taken centre stage amid the quest for secure reserves.

(2006-02-06 18:45:29 SGT) [Energy] Permalink Comments [1]

Comments:

I'm trying to stifle my laughter.

http://www.channelnewsasia.com/stories/singaporelocalnews/view/191855/1/.html

East Asian countries can achieve Europe's standard of living: SM Goh

In the next 25 years or so, countries in East Asia can achieve Europe's present standard of living. Singapore's Senior Minister Goh Chok Tong also believes many countries in East Asia have a good chance of joining countries in the First World by 2030 or 2050 at the latest.

Posted by Akikonomu on February 06, 2006 at 09:49 PM SGT #

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