India has opened discussions with the United Arab Emirates (UAE) on the possibility of setting up joint ventures in oil investments.
India has opened discussions with the United Arab Emirates (UAE) on the possibility of setting up joint ventures in oil investments. The talks began on Wednesday (4 October) when Sheikh Tahnoun Bin Mohamed Al nahayan, Chairman of the Abu Dhabi National Oil Company, and other delegates, arrived in New Delhi on a five-day official visit.
SYNOPSIS: Indian President Neelam Sanjiva Reddy met the delegation shortly after the start of formal discussions with the Indian Minister of Petroleum and Chemicals, Mr H.N. Bahuguna. Sheikh Nahayan - who is also Governor of the UAE's Eastern Province--told the Indian leader his ideas on mutual co-operation between their nations. The result was agreement to set up twin teams of experts to study the potential for collaboration in oil development ventures.
Earlier this year, crude oil and natural gas began flowing along pipelines from the Bombay High offshore oilfield to the coast - an important achievement by India's government-owned Oil and Natural Gas Commission (ONGC). Its discoveries in the western continental shelf have been confined to crude oil, and output will rise to meet half India's needs by 1980.
Abu Dhabi's economy depends almost entirely on oil, which has made the state one of the world's richest in terms of income per head. Just how the two countries will collaborate was not explained - but Indian expertise in oil development has won wide respect.
India has, for example, successfully operated a concession in Iraq, and gained another in Syria.