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Our Bureau

ONGC Videsh gets nod for negotiations for investments

Mr Jairam Ramesh

New Delhi April 13 India appears to have finally secured a vital breakthrough in its quest for a role in the development of Azerbaijan's rapidly expanding oil and gas industry, following a meeting between the President of Azerbaijan, Mr Ilham Aliyev, and the visiting Minister of State for Commerce, Mr Jairam Ramesh, in Baku on Thursday.

An official release issued here said that at the end of a 45-minute discussion, Mr Ilayev consented to ONGC Videsh and SOCAR, the state-owned oil and gas exploration company of Azerbaijan, starting talks for cooperation for ONGC Videsh's investments in hydrocarbon-rich Azerbaijan.

Mr Ramesh informed the President of Azerbaijan that ONGC Videsh has already invested close to $5 billion in 15 countries around the world, half of which is in Russia and that ONGC Videsh has much to offer to Azerbaijan, particularly in fields where production is declining.

Mr Aliyev wanted India's assistance in enhanced oil recovery and deep sea drilling. Mr Ramesh also offered GAIL's expertise in gas-based petrochemicals and city-gas distribution.

ONGC Videsh and GAIL will participate in the Caspian Sea Oil and Gas Exhibition being held in Baku, June 3-4.

Mr Aliyev expressed deep appreciation for India's offer to help establish a centre for education and training in IT in Baku, much along the lines of the centre launched by the Prime Minister, Dr Manmohan Singh, in Tashkent, last year.

Gold exploration

Mr Ramesh also put in India's interests in exploring for gold in Azerbaijan, particularly since India is now the world's largest importer of gold.

MMTC and NMDC will work with their Azerbaijani counterparts to identify specific areas where prospecting and appraisal work could be undertaken.

Wind energy

Mr Ramesh said Indian companies such as Vestas and Suzlon have become globally prominent and already about 4,500 MW of wind energy capacity has been established in India. This is an area where India can assist Azerbaijan where the wind energy potential is very high.

Good impression

The Azerbaijan President and other Ministers with whom the Indian Minister interacted were impressed by India's capabilities in pharmaceuticals and wanted Indian companies to move beyond distribution to local manufacturing as well.

Mr Ramesh and Mr Haiyder Babayev, Minister for Economic Development, also signed an agreement to set up a joint inter-governmental commission on trade, investment and economic cooperation. The agreement, which has been on the anvil for almost five years, is expected to provide a fillip to both commercial and cultural exchanges between the two countries. India has also offered technical assistance to Azerbaijan to facilitate its entry into the WTO.

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