Saudi Arabia, India Explore Oil Deals at World Oil Summit
India is likely to import 7.5 million metric tonnes of crude oil from the Kingdom of Saudi Arabia during the current financial year, and will attempt to lower international oil prices to reasonable levels.
An Indian Petroleum Ministry source indicated that India is forecasted to import 7.5 million metric tonnes of crude oil during 2000-1, compared to 6.75 million metric tonnes during 1999-2000.
Petroleum Minister Ram Naik, during his discussions with Saudi officials this week in Calgary, Canada, will discuss both his nation's oil requirements and the issue of prevailing high prices. The World Oil Summit in Calgary attracted 2,850 delegates from 95 countries, including members of the OPEC oil-producing cartel.
India is placing heavy significance on the gas sector and negotiated with Saudi oil companies on pipelines and gas processing projects. Gas Authority of India Ltd (GAIL) is examining the opportunities of participation on gas sector projects with the Kingdom, while the Oil and Natural Gas Corporation (ONGC) and ONGC Videsh Ltd. were exploring possible project participation in view of likely opening up of the sector in Saudi Arabia. The two nations previously agreed on cooperation on long-term supply of crude oil, with the quantity and date of commencement to be soon negotiated.
© 2000 Mena Report (www.menareport.com)