New India Oil Minister Promises Quick Decisions
By Rakesh Sharma
India’s new oil minister, Veerappa Moily, says his mission is clear: He will focus on taking decisions quicker because “delayed decisions cost the nation.”
Mr. Moily — who replaced Jaipal Reddy – also intends to work on attracting foreign investment to the sector, which should help hasten the exploration of India’s oil and gas assets and raise domestic output.
And he will ask state-run companies to aggressively bid for assets overseas.
Mr. Moily’s comments, made to reporters soon after he took office Monday, cheered the stock market as a whole and pushed up Reliance Industries Ltd.’s 500325.BY +1.53% stock in particular.
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