Source: Commodity Online
Daijiworld Media Network – Mangalore (NR)
 
Mangalore Dec 8: With a view to strengthening existing business bilateral ties between India and Kuwait, the Kuwait Petroleum Corporation (KPC), the national oil company of Kuwait expressed a keen interest in setting up grass root projects in the country in the oil and gas sector in the Indian petroleum refining and petrochemicals sector.
 
The head of KPC Saad A Al Shuwaib in a meeting with the minister of Petroleum & Natural Gas Murli Deora, had in New Delhi stated that his country was committed to India for further developing present business relationship into partnerships.
 
On his part Deora welcomed the KPC's interest in the Indian oil sector and assured it full support of his ministry. The minister referred to several grass root projects being implemented by Indian national oil companies in different parts of the country and some of these projects being implemented as joint venture projects with overseas players like Oman Oil Company and global steel major like Mittal Investments, he added.
 
In this context Deora urged that KPC too could adopt similar model for investing in new refining capacities planned at places like Panipat (Haryana), Mangalore (Karnataka), Kakinada and Vishakapatnam (Andhra Pradesh) by various oil PSUs.
 
Assuring fullest support of Indian Government, the Minister underlined that joint venture projects between KPC and Indian Oil PSUs would be tremendously beneficial for both partners.
 
The Indian officials stated that promoting refinery projects in India was very competitive as capital cost in India is low and project consultancy by PSU technology company Engineers India Ltd is of high quality and at competitive cost.
 
It must be noted that Kuwait is a major crude oil supplier to India and supplied about 11 million metric tones during 2006-07.