Business   

Deora moots agenda for energy security

NEW DELHI: Upbeat about the positive outcome of the India-Africa hydrocarbon conference held earlier this week, Union Petroleum and Natural Gas Minister, Murli Deora, has mooted an eight-point agenda for India envisaging enlarged cooperation, including major investments and acquisitions in the oil and gas sector with the African nations in its aim to seek energy security for the country.

Stating that India and African nations were natural partners in the hydrocarbon sector, Mr. Deora said time had come to give a new definition to this relationship and further consolidate the presence of Indian companies and investments in the gas and oil sector of various African nations.

He said the bilateral discussions with various representatives of Sudan, Chad, Ethiopia and Nigeria had many positives and could open the doors for huge stakes for the Indian public sector undertakings as well as private companies to spread their wings in the oil rich nations.

Elaborating on the eight-point agenda, Mr. Deora said it envisaged forging of hydrocarbon cooperation agreements between India and the various African countries covering exploration and production (E&P) and downstream policy issues; cooperation between business entities covering joint development of E&P and refining businesses through memorandum of understanding (MoU); increased oil trade between Indian oil refineries and African oil and gas producing nations on a mutually beneficial basis; establishing Joint Working Groups (JWGs) for focused discussions where none exist now; exchange of visits on an increasing scale between businesses and government delegations on a periodic basis to ensure time-bound progress; cooperation in the area of research and development and technology transfer; cooperation in retail marketing of petroleum products and lubricants by Indian companies in the African markets and training of technical and managerial personnel of the African oil industry in India.

Referring to the successful hosting of the conference, the Minister said this fruitful beginning should be utilised for even more activities and ventures between the two countries so that citizens were the ultimate beneficiaries in terms of increased economic activity.

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

Stories in this Section

Deora moots agenda for energy security
Reliance Power close to bagging Krishnapatnam UMPP
Seaways to add six container ships
Captivating
New strategies for improving farming
Plea to cut VAT on cashew kernels
REL to hive off infrastructure projects
RIL bags two oil blocks in Kurdistan
Tatas, WB Govt. sign pact

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu