Indian oil minister on tour to secure energy partnerships

Oil Minister Dharmendra Pradhan will set off on a three-nation tour shortly to secure and expand India’s energy partnership.

Pradhan, accompanied by officials from top national energy companies such as Indian Oil Corporation (IOC) and ONGC Videsh will travel to Iran, the United Arab Emirates and Mauritius, the Financial Express newspaper reported.

The minister would push for signing of a definite agreement to develop the prolific Farzad-B gas project by an Indian consortium led by ONGC Videsh during his visit to Tehran, the newspaper said.

In Abu Dhabi, Pradhan’s delegation would take forward the discussions held in New Delhi in February when Suhail Mohammed Al Mazrouei, minister for energy of UAE, visited India, it said, adding that Indian firms such as ONGC Videsh, IOC, Bharat Petroleum, Hindustan Petroleum and Oil India would put on the table their interest in participation in producing assets or prospective exploration rounds in the UAE.

The newspaper siad Indian companies are also interested in acquiring a stake in ADCO (Abu Dhabi Company for Onshore Oil Operations) for onshore oil operations.

UAE’s Abu Dhabi National Oil Company is already working with the Indian Strategic Petroleum Reserve Limited to create storage facilities for India’s strategic reserves store crude oil in Mangaluru. ADNOC is keen on taking half of the 1.5 million tonnes in the Mangaluru facility.

According to the newspaper, India would offer UAE investment opportunities in the hydrocarbon projects by Indian state firms.

At Port Louis, Pradhan would seek expansion of business ties, where an IOC subsidiary has market share of 24 percent.

 

Leave a Reply

Your email address will not be published.