India Said to Propose Sovereign Fund for Oil Assets  

Posted by Big Gav in , ,

Bloomberg reports that India is looking to set up a sovereign wealth fund to support acquisitions by state owned energy companies - India Said to Propose Sovereign Fund for Oil Assets.

India, with $254 billion of foreign-exchange reserves, may create a sovereign wealth fund to help state companies compete for overseas energy assets with China, a government official said.

The oil ministry has formally asked the finance ministry to set up a fund using a part of the reserves, the official said, declining to be identified because a decision hasn’t been reached. The size of the fund is yet to be determined, he said. ...

China, with $2.4 trillion of reserves and a $300 billion sovereign fund, has outpaced India in the global quest for resources to feed the world’s fastest-growing major economies. Chinese companies spent a record $32 billion last year buying oil, coal and metals assets abroad, while a $2.1 billion investment by ONGC was India’s sole energy acquisition.

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