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India and Kuwait to endeavor finalizing joint venture projects in oil and gas sector

Promoting joint venture projects

Share on Facebook March 31, 2013, Reporter : ANI, Reader : 469


Mar. 31 (ANI): India and Kuwait today resolved to expedite discussions for promoting joint venture projects in various areas of oil and gas sector, including those in the upstream and downstream activities.

Speaking at a meeting with Sheikh Nasser Sabah AL-Ahmed AK-Jaber AL-Sabah, Minister of Amiri Diwan Affairs, Kuwait, here today, Union Petroleum and Natural Gas Minister Dr. M. Veerappa Moily said that the two sides should give new momentum to the warm and friendly long-standing relations. He said we should move fast beyond discussions and finalize the projects for cooperation in the oil and gas sector.

Dr. Moily invited Kuwaiti companies to invest in the opportunities in a number Petro-Chemical projects, refinery projects, and upstream-exploration and production ventures in India. He cited examples of up-coming Petro-Chemical Projects at Dahej, Mangalore and Paradeep, which offer possibilities for Kuwaiti companies to pick up stakes for mutually beneficial cooperation. Similarly our companies would be keen to participate and invest in various projects in Kuwait's EandP, refinery or Petro-Chemical sectors. Dr. Moily also proposed participation of EIL in the development of Kuwait's oil industry projects.

Sheikh Nasser Sabah AL-Ahmed AK-Jaber AL-Sabah welcomed the proposal deeper cooperation between the oil sector companies of India and Kuwait. He suggested that the experts of the two sides should sit together to deliberate on specific projects. He invited representatives Indian Oil PSUs to visit-Kuwait for taking forward the initiative. The Kuwait Minister assured his full support to the on-going and future cooperation in the sector.

Sheikh Al-Sabah was accompanied during the meeting among others by Farook AL-Zanki, CEO, Kuwait Petroleum Corporation. Dr. Moily on the other hand was accompanied by Indian Ambassador to Kuwait Satish C Mehta, Chairman Indian Oil R. S. Butola, CMD EIL A. K. Purwaha, MD ONGC Videsh Ltd (OVL) D. K. Sarraf and Director (HR) ONGC K S Jamestin. 

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