Iraq Seeks Strategic Partnership with India, Offers to Double Crude Supplies
Pitching for a “strategic” partnership with India, Iraq on Wednesday offered to at least double crude oil supplies and extend cooperation to the refining sector in the country.
“We are desirous of a strategic partnership (with India)… by strategic partnership we mean long term (relationship),” visiting Iraqi Minister of Industry and Minerals Fawzi F. Hariri said after meeting Petroleum Minister Murli Deora in New Delhi.
Iraq, the coun5try with the second largest oil reserves in the world, currently supplies 200,000 to 250,000 barrels per day of crude oil to India and is willing to “double it or even triple that,” he said.
Hariri said his country was also looking at joint investment in refineries. “We are willing to guarantee supply of the (entire) crude oil requirement of refinery (to be jointly set up by Indian and Iraqi firms).”
Deora offered Iraq storage at an upcoming facility on lease basis in return for long—term crude oil supply commitments. Iraq could store oil at the facility and use it to supply to its Indian customers.
The construction of three emergency crude oil storages is currently underway in the country, while the first a 1.33 million tonne capacity at Vizag Andhra Pradesh is scheduled for completion in mid—2011,the other two in Mangalore would be completed in 2012.
Hariri said Indian companies like the Indian Oil Corporation (IOC)and consultancy firm Engineers India Ltd (EIL) could be involved in the revamp and modernisation of its refineries.
Deora sought role for the Oil and Natural Gas Corp (ONGC) in development of oilfields in Iraq.
Hariri invited Deora to visit Iraq for taking forward the cooperation in the hydrocarbon sector.
(Based on Media Reports)
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