labels: industry - general, oil & gas, economy - general
Aiyer: India can invest up to $25 bn in oil fields abroad news
Our Corporate Bureau
24 March 2005

New Delhi: Petroleum minister Mani Shankar Aiyar has said that India could invest up to $25 billion in acquisition of overseas oil and gas fields, and has urged China to join forces with India towards attaining energy security.

Addressing a Confederation of Indian Industry conference on `The China Miracle', he said, "We are in a position to raise $25 billion to invest in acquiring oil and gas properties abroad."

Aiyar also hinted at the possibility of India soon receiving a foreign direct investment of over $8 billion in the energy sector. While India and China would continue to be dictated by market forces and could compete in some areas, there were possibilities of working together, the Minister said. Often, India's flagship, ONGC Videsh Ltd, faced Chinese competition in bidding for oil and gas assets abroad, a rivalry that had seen asking price for the properties shoot up.

"In Sudan, both India and China have been working together for years in perfect harmony. China has a built a refinery in Khartoum while India has built a pipeline to transport oil. This model of co-operation can be replicated in Iran, Sub-Saharan Africa, Central Africa, Latin America and North and Central Asia," Aiyar said.


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Aiyer: India can invest up to $25 bn in oil fields abroad