8000 crore capex in FY16 for Oil PSUs : Pradhan

Petroleum and Natural Gas Minister of India , Mr. Dharmendra Pradhan  said that Public sector Oil companies are keenly looking at acquiring overseas assets.While speaking to media Oil Minister hinted at a capex in the pipeline, to the tune of Rs. 8,000 crore in this fiscal, set aside for Oil PSUs.

Overseas assets acquisition has been a key strategy adopted by various growing economies including China.Ministry of Petroleum and Natural Gas is planning to augment infrastructure in Oil and gas sector by making investments in new refineries, pipelines and LNG terminals.The Oil and Gas Ministry is taking a strategic decision to reduce dependency on hydrocarbon imports.Increase in hydrocarbon consumption in India has been at 11 percent year on year.

Pradhan highlighted that with Mr. Narendra Modi's visionary leadership and relevant efforts, India has been able to get very good deals from various countries, including Russia, Saudi Arabia  and UAE.

ONGC and Oil India are  trading up by 3 percent on an intra day basis on Tuesday; even as BSE Sensex is trading up 0.60 percent at 25,800 levels.