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Our Bureau

Bilateral meeting of Oil Ministers expected

Mr Murli Deora

New Delhi May 23

India and Iraq are looking for enhancing co-operation in the hydrocarbon sector between the two countries.

During the four-day visit of Iraq's Oil Minister, Mr Hussein al-Shahristani, starting today, India will seek participation in oil and gas exploration & production opportunities including those in producing properties of that country.

At the joint working group meeting of the two countries a range of issues will be deliberated upon. A bilateral meeting between the two Oil Ministers — Mr Murli Deora, Minister for Petroleum and Natural Gas, and his Iraqi counterpart is also expected to take place.

According to official sources, India is keen to start work on onshore Block 8, which was awarded to ONGC Videsh Ltd (OVL), the overseas arm of ONGC during the Saddam Hussein regime. The issue of stake in Tuba oil fields for a consortium of OVL, Reliance Industries Ltd and Sonatrach of Algeria is likely to be deliberated at the meeting. The consortium had been shortlisted by the Saddam Hussein regime before the US invasion of Iraq.

Iraq, on the other hand, is likely to seek help in building refineries there. Iraq has sought Indian companies participation in building 8-10-million-tonne refinery in that country. Indian Oil Corporation and Engineers India Ltd could be involved in upgrading Iraq's existing refineries and building pipelines. Iraq is world's second largest oil nation having proven reserves of 112 billion barrels. Although it has a capacity to process 6,30,000 barrels of crude a day, it currently produces 4,77,000 barrels of refined products a day while consumption is 5,44,000 barrels a day.

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