India to tap into African oil markets

New Delhi, Nov 5 (UNI) With India increasing its imports of crude oil from Africa, a huge amount of energy resources still remain untapped.

These and several other issues will be deliberated upon at the two-day Energy summit beginning held here tomorrow where the focus will be on the African countries.

Petroleum and Natural Gas Minister Murli Deora will be present on the occasion.

About a quarter of India's crude oil imports are currently being sourced from Africa and given that the continent is expected to contribute approximately 25 per cent of the growth in the world's petroleum and LNG supplies over the next three years, there is enormous potential for India to increase its volumes of crude oil imports from African countries in the future.

Petroleum and energy ministers, senior government officials and experts from 26 African countries will participate in the India-Africa Hydrocarbon Conference and Exhibition.

The India-Africa engagement in the hydrocarbon sector assumes significance in view of Africa's potential as an investment destination for India's oil and gas companies.

Africa's potential to play an increasing role in enhancing India's oil supply security through diversification of its crude oil import sources is also a driver in this regard.

The exhibition will be inaugurated by External Affairs Minister Pranab Mukherjee.

It will be addressed by Mr Deora, Minister of state for External Affairs Anand Sharma, petroleum and energy ministers from Algeria, Central African Republic, Chad, Comoros, Cote d' Ivoire, Democratic Republic of Congo, Egypt, Ethiopia etc.

The two-day conference will also deliberate on trade, treaty and regulatory measures governing Indo-African trade and investment environment, project inancing, capacity building and manpower development, India-Africa opportunities in upstream and downstream sectors, gas sector, EPC, services and material. Focused B2B meeting are also lined up.

UNI