Shri Jaipal Reddy Holds Wide-Ranging Talks with his Counterparts from Iran, Saudi Arabia, Algeria and Qatar

The Minister of Petroleum and Natural Gas Shri S. Jaipal Reddy held a series of bilateral meetings with his counterparts from different countries in Vienna on the sidelines of the on-goings 5th OPEC International Seminar on 14JUN12.

The wide-ranging talks with his counterparts from Iran, Saudi Arabia, Algeria and Qatar were aimed at enhancing mutual cooperation in the oil & gas sector. The talks focused on sourcing more crude oil, LNG, LPG and promoting investments in hydrocarbon sector projects.

During the bilateral meeting with Iran’s Petroleum Minster, Mr Rostam Ghasemi, the Minister raised the issue of the development of the South Pars Phase-12 by India’s OVL led consortium and sought more time for settling the contractual terms and conditions of the service contract between OVL and Iran Offshore Oil Company (IOOC).

Shri Reddy met Mr Ali al-Naimi; Minister of Petroleum & Mineral Resources from Saudi Arabia and asked for another 5 million tonnes per annum of crude oil from Saudi Arabia over and above the 32 million tonnes it had imported during 2011-12.India also asked for an additional 1.5 million tonnes of LPG during the current year. Saudi Arabia is India’s largest supplier of crude oil and LPG. Regarding SA Aramco and other companies investing in India’s petrochemical and downstream sector, Mr Naimi assured that this would be favorably examined and appropriate advice would be issued to its NOCs. Minister also invited Mr Naimi to attend the inaugural session of the Petrotech 2012 on 15 October 2012 at New Delhi.

Reddy further met Mr Youcef Yousfi, Minister of Energy and Mines, Algeria. India asked for additional quantities of crude oil, and expressed interest in investing in Algeria’s upcoming LNG sector with the objective of some quantities of LNG being booked for India. GAIL is already in talks with Sonatrach for tying up LNG imports on annual basis. Minister expressed India’s interest in having long term LNG contracts with Algeria. The Algerian side informed of its emphasis on development of its fertilizer sector and said that Indian companies interested in Phosphatic fertilizers were welcome to approach the Algerian side for participation.

The Ministers of India and Qatar discussed matters of bilateral interest including larger supplies of crude oil. During 2011-12, India imported 6.41 million tonnes of crude oil from Qatar. Also, both sides discussed the long term LNG contract between PLL and RasGas for another 3.5 million tonnes of LNG including the need to settle the pricing issue at an early date. PLL has long term contract with RasGas for 7.5 million tonnes per annum.

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