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Oil companies in India are on the lookout for new investments and they have started the process of setting up offices in the United States.
According to NDTV, an official from the Indian Oil Corporation said that their aim is to “develop the oil sands” as a global leader in the oil field.
India has been exporting oil to countries like the United Kingdom and France since the late 1970s.
The country has a huge oil reserves and is expected to increase the production of oil to 5.8 million barrels per day by 2022.
The government has also set up a fund for infrastructure projects and has started to pay off loans from private banks.
NDTV adds that Indian oil companies are “working to set up offices” in the US as well.
The news comes as a surprise to many because it is already widely known that India is the world’s largest exporter of crude oil.
India exported 7.6 million barrels of oil in 2012, and it has a vast domestic refining capacity of more than 9 million barrels a day.
However, this figure is down from 9.5 million barrels in 2009, which meant that India’s oil exports were actually falling.