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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