A 13 strong oil delegation from the United Arab Emirates, headed by the U.A.E. Petroleum?
A 13 strong oil delegation from the United Arab Emirates, headed by the U.A.E. Petroleum Minister, has been visiting India for discussions on the supply of petroleum.
After preliminary talks on Tuesday (14 May), the two sides formed themselves into working groups to continue detailed discussions on specific topics.
The U.A.E. Minister went to India at the invitation of the Indian Minister of Petroleum and Chemicals, Shri D.K. B???r???ah. He will meet the Indian Minister for Heavy Industries, and the Minister of External Affairs during a three day visit to New Delhi.
India is facing severe economic problems which the World Bank estimates could cause "massive economic dislocation". One of the main causes has been the world oil crisis. Last year India spent about 350 million U.S. dollars (840 sterling) on crude oil imports. This year the same level of oil imports will cost 1,200 U.S. dollars (2,880 sterling) -- a figure equal to about half India's export earnings and its entire foreign reserves at the beginning of the year.
The conference with U.A.E. officials is part of the Indian Government's attempts to alleviate its energy crisis.