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Kuwait Minister meets Dr. Manmohan Singh wants better ties
2010-09-28 14:00:00
Kuwaiti Oil and Information Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah met Prime Minister Manmohan Singh here today.
He is also expected to meet his Indian counterpart, Murli Deora.
Al Sabah, who is on a state visit to India, said on Monday that Kuwait was interested in acquiring a strategic stake in state-run Indian Oil Corporation (IOC), subject to economic feasibility.
On September 6, India's Oil Secretary S. Sundareshan had said that the Indian government planned to sell a 10 percent stake in the IOC, the country's biggest state-run refiner.
The Minister also said that crude oil prices were likely to be between 75 dollars and 80 dollars per barrel in the first quarter of 2011.
The Gulf country is third-largest crude supplier, selling about nine million tonnes of oil a year to India. (ANI)
Kuwait Minister meets Manmohan Singh
Kuwait eyes strategic stake in IOC, govt unlikely to oblige
NEW DELHI: Kuwait Petroleum has shown an interest in acquiring a stake in flagship refiner-marketer IndianOil Corporation if the government decides to offload part of its holding through a strategic divestment, the country's oil minister Sheikh Ahmad al-Abdullah al-Sabah said on Monday. But the government is unlikely to oblige as it plans to shed 10% stake in the company only through a public offering since the UPA is opposed to any strategic sale of equity in state-run firms.
"If the government divests some stake through strategic sale, we are very interested in such proposal... It has to be a strategic sale," the Kuwaiti minister said after a meeting with the IndianOil management. Kuwait Petroleum was one of seven companies that was in race for fuel retailing firm IBP when the government's majority shareholding was sold through a strategic sale in 2002. IndianOil had outbid all suitors to acquire the company.
Kuwait is India's third-largest crude supplier, providing about 9 million tonnes of oil a year. But al-Sabah was lukewarm to the idea of taking a stake in the new refinery that IndianOil is building at Paradip in Orissa at an investment of around Rs 30,000 crore. "KPC keeps getting requests (for participation) in a lot of refinery projects... It (KPC's participation) will depend on economics (of the project)," he said.
The Kuwaiti minister also discussed the possibility of using strategic crude storage facilities being built at Mangalore and Vizag for onward shipment. This, along with downstream investment opportunities in petrochemicals projects, such as the olefin project of ONGC Petro Additions (OPAL), the aromatics project of ONGC Mangalore Petrochemicals (OMPL) and IndianOil's Paradip petrochemicals project, would be discussed in detail when he meets oil minister Murli Deora on Tuesday.
Read more: Kuwait eyes strategic stake in IOC, govt unlikely to oblige - The Times of India Kuwait eyes strategic stake in IOC, govt unlikely to oblige - The Times of India
Kuwait keen on investing in Indias petrochemical industry
New Delhi, Sep 28 (IANS) Kuwait has expressed interest in investing in Indias oil and gas sector, especially in the areas of petrochemical complexes and crude oil storage, a statement Tuesday said.
This was discussed during the meeting between Kuwaits Petroleum Minister Sheikh Ahamad Abdullah Al-Ahmad Al-Sabah and his Indian counterpart Murli Deora here Tuesday.
One of the important issues discussed was possible investment of Kuwait in the oil and gas sector, particularly in petrochemical complexes and building of a crude oil storage hub in India, said a petroleum ministry statement.
The Indian delegation invited Kuwait to participate in the 9th round of auction of hydrocarbon blocks which will be launched soon. The talks also focused on participation of the two countries in E&P opportunities in third countries, it said.
Besides, India offered the consultancy services of Engineering India Limited. The cooperation in providing training facilities and building R&D facilities both in upstream and downstream sector were also deliberated. The two sides further discussed the offer of ONGC-TERI for bioremediation in Kuwait to clean up the soil affected by oil spills, the release said.
Kuwait keen on investing in India’s petrochemical industry
2010-09-28 14:00:00
Kuwaiti Oil and Information Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah met Prime Minister Manmohan Singh here today.
He is also expected to meet his Indian counterpart, Murli Deora.
Al Sabah, who is on a state visit to India, said on Monday that Kuwait was interested in acquiring a strategic stake in state-run Indian Oil Corporation (IOC), subject to economic feasibility.
On September 6, India's Oil Secretary S. Sundareshan had said that the Indian government planned to sell a 10 percent stake in the IOC, the country's biggest state-run refiner.
The Minister also said that crude oil prices were likely to be between 75 dollars and 80 dollars per barrel in the first quarter of 2011.
The Gulf country is third-largest crude supplier, selling about nine million tonnes of oil a year to India. (ANI)
Kuwait Minister meets Manmohan Singh
Kuwait eyes strategic stake in IOC, govt unlikely to oblige
NEW DELHI: Kuwait Petroleum has shown an interest in acquiring a stake in flagship refiner-marketer IndianOil Corporation if the government decides to offload part of its holding through a strategic divestment, the country's oil minister Sheikh Ahmad al-Abdullah al-Sabah said on Monday. But the government is unlikely to oblige as it plans to shed 10% stake in the company only through a public offering since the UPA is opposed to any strategic sale of equity in state-run firms.
"If the government divests some stake through strategic sale, we are very interested in such proposal... It has to be a strategic sale," the Kuwaiti minister said after a meeting with the IndianOil management. Kuwait Petroleum was one of seven companies that was in race for fuel retailing firm IBP when the government's majority shareholding was sold through a strategic sale in 2002. IndianOil had outbid all suitors to acquire the company.
Kuwait is India's third-largest crude supplier, providing about 9 million tonnes of oil a year. But al-Sabah was lukewarm to the idea of taking a stake in the new refinery that IndianOil is building at Paradip in Orissa at an investment of around Rs 30,000 crore. "KPC keeps getting requests (for participation) in a lot of refinery projects... It (KPC's participation) will depend on economics (of the project)," he said.
The Kuwaiti minister also discussed the possibility of using strategic crude storage facilities being built at Mangalore and Vizag for onward shipment. This, along with downstream investment opportunities in petrochemicals projects, such as the olefin project of ONGC Petro Additions (OPAL), the aromatics project of ONGC Mangalore Petrochemicals (OMPL) and IndianOil's Paradip petrochemicals project, would be discussed in detail when he meets oil minister Murli Deora on Tuesday.
Read more: Kuwait eyes strategic stake in IOC, govt unlikely to oblige - The Times of India Kuwait eyes strategic stake in IOC, govt unlikely to oblige - The Times of India
Kuwait keen on investing in Indias petrochemical industry
New Delhi, Sep 28 (IANS) Kuwait has expressed interest in investing in Indias oil and gas sector, especially in the areas of petrochemical complexes and crude oil storage, a statement Tuesday said.
This was discussed during the meeting between Kuwaits Petroleum Minister Sheikh Ahamad Abdullah Al-Ahmad Al-Sabah and his Indian counterpart Murli Deora here Tuesday.
One of the important issues discussed was possible investment of Kuwait in the oil and gas sector, particularly in petrochemical complexes and building of a crude oil storage hub in India, said a petroleum ministry statement.
The Indian delegation invited Kuwait to participate in the 9th round of auction of hydrocarbon blocks which will be launched soon. The talks also focused on participation of the two countries in E&P opportunities in third countries, it said.
Besides, India offered the consultancy services of Engineering India Limited. The cooperation in providing training facilities and building R&D facilities both in upstream and downstream sector were also deliberated. The two sides further discussed the offer of ONGC-TERI for bioremediation in Kuwait to clean up the soil affected by oil spills, the release said.
Kuwait keen on investing in India’s petrochemical industry
