Indian Oil Corporation Limited (NSE:IOC, BSE:530965), India’s state-owned oil company, has expressed interest in investing in Tanzania’s oil sector, aiming to boost energy supply and support economic growth, Daily News reported.
The interest was revealed during a meeting between the company and a Tanzanian delegation led by Deputy Minister for Energy Salome Makamba on the sidelines of India Energy Week 2026 in Goa, India.
Suman Kumar, Director for Planning and Business at Indian Oil, said Tanzania’s growing economy, expanding population, and rapid urbanisation are driving increased demand for petroleum products, liquefied petroleum gas (LPG), and other energy services, presenting significant market opportunities.
Makamba welcomed the interest from foreign investors and said Tanzania is open to international partnerships in the petroleum and LPG sector. She urged companies to set up local operations and join joint fuel procurement initiatives to boost competition and secure a stable, affordable fuel supply.
Tanzania’s energy sector has been actively developing infrastructure to meet growing fuel and LPG demand. As bne IntelliNews reported, the Petroleum Bulk Procurement Agency (PBPA) began upgrading seaport infrastructure, pipelines, and storage facilities in August 2025 to facilitate LPG imports under the national Bulk Procurement System. According to the Energy and Water Utilities Regulatory Authority (EWURA), LPG imports rose by 16% in 2022/23 to 293,167 tonnes, underscoring the rising demand.
The International Energy Agency (IEA) projects that India will drive the world’s oil demand growth through 2030, with its import requirements expected to increase from 4.6mn barrels per day (bpd) currently to 5.8mn bpd.
India Energy Week 2026, which concluded on January 30, brought together participants from more than 125 countries, providing a platform for energy cooperation and investment discussions between India and global markets, including Africa, The Chanzo reported.
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