December 02, 2008

BHPB sees India as a driver for energy business

It is reported that global mining giant BHP Billiton is confident of delivering nine projects in 2008 on time and budget and sees India as the driver for its energy business.

Mr Marius Kloppers incoming CEO of BHP Billiton told a briefing in Melbourne that “We are going to commission nine projects this year. These projects are getting very close to completion, that most of them will commission in the next six months some in the next twelve months, we have not far to go. We have appropriate contingencies in place to deliver them barring any really unforeseen events like a hurricanes."

Mr Chip Goodyear CEO of BHP was bullish about growth in India and China indicating the sub continent's growth had exceeded that of its neighbor. He said “We are actually seeing India grow faster than China, but from a much smaller base.”

Mr Kloppers added that demand from India is primarily focused on energy products, while China's hunger was for steel making materials. He said “China obviously is a large consumer of base metals, iron ore and so on but largely self sufficient in coal. What you have in India is a very energy short but largely self sufficient in iron ore and bauxite. India is going to drive our energy business.”