Indian state oil firms keen on energy acquisitions in Africa: ministers
10 Dec 2011
Finance and petroleum ministers Pranab Mukherjee and Jaipal Reddy yesterday said at the 3rd India-Africa Hydrocarbons Conference in New Delhi that Indian Oil Corporation, Gas Authority of India Ltd and Petronet LNG are looking at buying equity stakes in energy firms and projects in Africa.
"For enhancing our energy security, India is interested in acquiring equity in oil and gas assets overseas," Mukherjee said.
Petroleum minister S Jaipal Reddy also said Indian firms were keen to enter partnerships and form joint ventures for enhancing oil and gas exploration activities in African countries.
"Africa's vast mineral and natural resources are largely untapped. India is keen to participate in the exploration and production opportunities," Reddy said.
India's oil companies are present in around 24 countries, including Egypt, Kenya, Uganda, Tanzania and Mauritius. The total overseas investment by India's public sector oil firms is around $13 billion, which includes two pipeline projects in Sudan and Myanmar.
"Our preferred approach would be to go in for joint ventures with Africa's national oil companies," Reddy said.
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