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Report: India to spend $60B on national gas grid

India will spend $60 billion to develop a natural gas pipeline network and import facilities to connect all of its states when the government's term ends in 2024, Reuters reported Oct. 13, citing Oil Minister Dharmendra Pradhan.

Pradhan told reporters that local companies are funneling the investment into projects that are already under execution, the newswire said. The investment follows a target to more than double the share of gas in the country's energy mix to 15% by 2030, according to the report.

The minister said the Urja Ganga pipeline project, a 2,660-kilometer project being developed by utility GAIL (India) Ltd., will enter service by the end of 2020, Reuters reported. The pipeline would be capable of transporting 16 million standard cubic meters per day of gas, the report said.

Pradhan further said the government has begun the construction of the northeast gas grid that would link up eight states, adding that the project would be completed by 2023, the newswire said.