Oil & Gas

Indian Oil Corporation Limited (IOCL) has expressed interest in investing in Tanzania’s oil sector, a move expected to boost economic growth and improve the country’s supply of energy products. The interest was expressed during a meeting between IOCL officials 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 at the meeting, IOCL’s Director for Planning and Business, Suman Kumar, said Tanzania offers strong market potential due to rising demand for petroleum products, LPG, and other energy services. He highlighted that economic growth, population increase, and rapid urbanization are driving opportunities for energy companies to collaborate in distribution, processing, and related energy services.

Deputy Minister Makamba welcomed the potential investment, stating that Tanzania remains open to global partnerships in the energy sector, including petroleum and LPG supply, aligned with the government’s clean cooking energy agenda. She urged investors to establish local operations and participate in joint fuel procurement arrangements to increase competition and ensure a stable, affordable fuel supply.

The India Energy Week 2026, which concludes on January 30, has brought together participants from over 125 countries, providing a platform for Tanzania to attract foreign investment and strengthen international energy cooperation. If IOCL proceeds with investment, it could enhance Tanzania’s energy infrastructure, create jobs, and improve access to petroleum and LPG products nationwide.