Indian firm seeks to invest in Tanzania’s oil sector

GOA:  INDIAN Oil Corporation Limited has expressed interest in investing in Tanzania’s oil sector, a move expected to support economic growth and improve the supply of energy products in the country.

The company showed interest during a meeting between them and a Tanzanian delegation led by Deputy Minister for Energy Salome Makamba on the sidelines of the India Energy Week 2026 in Goa, India.

Speaking during the meeting, Indian Oil’s Director for Planning and Business, Suman Kumar, said Tanzania offers strong market potential due to rising demand for petroleum products, liquefied petroleum gas (LPG), and other energy services driven by economic growth, population increase, and rapid urbanization.

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According to the Director, the rising demand for products such as fuel, liquefied petroleum gas (LPG), and energy driven by economic growth, a growing population, and rapid urbanization creates opportunities for energy companies to collaborate in distribution, processing, and energy services.

Tanzania’s Deputy Minister welcomed the investors in the country stating that Tanzania remains open to global partnerships in the energy sector, including petroleum and LPG supply, in line with the government’s clean cooking energy agenda.

Moreover, she urged the investors to establish local operations in Tanzania and participate in joint fuel procurement arrangements to increase competition and ensure a stable supply of affordable fuel.

The India Energy Week 2026 is scheduled to conclude on January 30 and has brought together participants from more than 125 countries.