In yet another effort to secure energy ties with oil and gas rich countries, Petroleum Minister Murli Deora today invited investments and joint projects in the hydrocarbons sector from member countries of the Commonwealth of Independent States (CIS).
"We seek greater opportunities of acquiring oil and gas equities abroad. India provides the world a huge market for hydrocarbons, opportunities for building of gas pipelines across the region and supplying of more LNG to us," Deora said addressing the roundtable of energy ministers from CIS countries here.
State-run Oil and Natural Gas Corporation's (ONGC) overseas investment arm ONGC Videsh has already made a total investment of about $8 billion so far in energy assets on foreign shores, the minister said.
"Our share of oil and gas production from these assets reached almost 9 million tonnes last year," Deora said, adding that India is working to increase its presence in Russia's hydrocarbon's sector. OVL already has 20 per cent stake in Sakhalin-I oilfield in Russia.
Energy-deficient India is also pursuing discussions on the $3.5 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline.
"We are in serious discussion on import of natural gas from Turkmenistan through the transnational pipeline. We are eager for business opportunities in Kazakhstan, Uzbekistan and Azerbaijan for mutual benefit," Deora said, adding that an Indian company is already working in Tajikistan for production of gas.
India is keen to tie-up with CIS countries for gas processing and gas-based petrochemical projects, alongside assisting in modernisation and upgradation of refinery and setting up greenfield refining projects, he said.
