India, Qatar to increase cooperation in oil and gas sector
28 October 2011
India has sought additional quantities of crude oil and liquefied natural gas (LNG) from Qatar. It has also invited strategic investors from Qatar for select projects, including petrochemical complexes at Dahej and Mangalore, and the LNG import terminal at Ennore.
Minister of petroleum and natural gas S Jaipal Reddy, who had a meeting with Qatar's minister for industry and energy, Dr Mohammed bin Saleh Al-Sada in New Delhi today, also invited investments from Qatar in some of the upcoming petrochemical projects of oil sector PSUs in India.
Reddy said such investments will be a win-win proposition for both the countries as India is looking for crude supplies and investments for these projects while Qatar is looking at improving the market for its natural gas and oil.
The Qatari minister reiterated Qatar's commitment to India to not only supply LNG under existing contracts but also additional quantities for which discussions are going on. He also offered to supply LPG and crude oil condensates which can be processed to produce white fuels like petrol, kerosene, ATF and naphtha.
The two countries have agreed to expedite the process of evaluating the present opportunities for mutual cooperation in the hydrocarbon etc.
Reddy expects some of these deals to bear fruit by the time the World Petroleum Congress meets in Doha in December.
Qatar, meanwhile, saw its income from liquefied natural gas and its associate products leap from QR94.8 billion ($25.9 billion) in 2009 to nearly QR142 billion in 2010.
Income from export of gas was nearly double that from crude oil exports of around QR74 billion from nearly 800,000 bpd of crude supplies.