The Hindu : National : India hosting big Africa summit on oil

Online edition of India's National Newspaper
Saturday, Nov 03, 2007
ePaper

National

National

India hosting big Africa summit on oil

Special Correspondent

NEW DELHI: Making up for the lost opportunities and alarmed by China’s growing presence in Africa’s oil sector, India is turning its focus from the Organisation of Petroleum Producing Countries (OPEC) to African nations. India will make an attempt to secure oil and gas assets for the future by lining up huge investments running into billions of dollars.

As a first major step, the country is hosting one of the biggest events of energy-rich African nations here from November 6. The two-day summit will see the participation of 25 African nations, led by over half a dozen ministerial delegations.

“We have huge investments lined up for Africa, including that by ONGC Videsh Limited (OVL), and that is the reason the level of engagement has been raised this time,” Petroleum and Natural Gas Minister Murli Deora told journalists.

Prime Minister Manmohan Singh visited Nigeria last month with the same objective, he pointed out.

However, the Africans have not forgotten the fact that the UPA government, on two occasions, stopped OVL from investing in Nigerian oil fields.

It was not allowed to take 100 per cent stake in oil blocks 323 and 321 and in the Apko oil field in the West African nation

Petroleum Secretary M.S. Srinivasan said the Petroleum Ministry, FICCI and UNCTAD were organising the India-Africa Hydrocarbon Conference and Exhibition on November 6 and 7.

“The aim is to provide a platform for exploring mutually beneficial partnership opportunities between Africa and India in the hydrocarbon sector. There will be bilateral talks at the high level,” Mr. Deora said.

Mr. Srinivasan said India wanted to acquire more oil and gas fields, as well as other energy projects such as refineries, petrochemical plants and pipelines, even as it aimed to raise imports from the region by about 32 per cent in the next two to three years.

Crude oil imports may rise to 25 million tonnes from 19 million tonnes now. India imported 73 per cent of its oil needs from West Asia but now wanted to reduce that reliance.

“We do not want to put all our eggs in one basket.”

Crude imports from Africa constituted about 16 per cent of the total import of 110 million tonnes.

In comparison, China imported 36 to 37 million tonnes out of its total import of 207 million tonnes from Africa.

Besides oil, India was also targeting import of Liquefied Natural Gas from nations such as Nigeria, Algeria and Egypt.

Printer friendly page
Send this article to Friends by E-Mail

National