India, Kuwait to finalize JV in oil and gas sector
New Delhi, Mar 11 : India and Kuwait on Monday resolved to expedite discussions for promoting joint venture (JV) 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 on Monday, M. Veerappa Moily, Minister of Petroleum and Natural Gas, 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."
Moily invited Kuwaiti companies to invest in the opportunities in a number Petro-Chemical projects, refinery projects, and upstream-exploration & production ventures in India.
The Minister 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 E&P, refinery or Petro-Chemical sectors," Moily said.
The Minister 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.