India for stronger oil ties with Yemen, Libya

New Delhi, Jan 29: Petroleum and Natural Gas Minister Murli Deora is leading a high level delegation tomorrow to Libya and Yemen for enhancing cooperation in the hydrocarbon sector with the two countries.

In the first leg, the delegation will visit Libya and hold a bilateral meeting with National Oil Corporation (NOC) Chairman Shukri Ghanen.

An MoU between the two countries will provide a framework for cooperation in the oil and gas sector and also facilitate Indian oil companies, particularly in the public sector, to firm up agreements for specific projects in the exploration and production (E&P) and downstream activities.

A consortium of Oil India (OIL) and Indian Oil Corporation (IOC) intends to expand their participation in the Libyan E&P sector where they own two exploration blocks. Similarly, ONGC Videsh Ltd is also exploring further E&P ventures after securing an exploration block in Libya in December 2006.

IOC will be looking at participation in the refinery upgrade-cum-expansion projects in Libya.

Engineers India Ltd (EIL) is scouting for engineering and construction projects along the entire chain of oil and gas activities. The company already has a representative office in the hydrocarbon-rich nation.

Libya has been witnessing spurt in business activities after UN sanctions were lifted in 2003, throwing open its substantially unexplored hydrocarbon sector, both in upstream and downstream areas.

The delegation is also slated to visit the Raslanuf refinery in that country.

Mr Deora will leave for Yemen on February 2, where he will hold talks with Yemen's Minister of Oil and Minerals Khalid Mahfoudh Bahah and seek expansion of cooperation in the hydrocarbon sector.

The delegation is also expected to visit proposed site for downstream hydrocarbon projects like refineries and petrochemicals.

Mr Khalid, in his meeting with Mr Deora on January 19, had invited Indian investments in its oil and gas sector especially in the downstream petroleum sector. He also proposed ministerial joint working group (JWG) between the two governments.

Mr Khalid was here to participate in Petrotech-2007.

Mr Deora will be accompanied by Petroleum Secretary M S Srinivasan, Joint Secretary A K Jain, IOC Chairman S Behuria, OIL CMD M R Pasija, OVL MD R S Butola, EIL Director (Commercial) R K Saxena.

UNI