India-Africa energy conference kicks off Tuesday

The conference aims to provide a platform for exploring mutually beneficial partnership opportunities between Africa and India in the hydrocarbon sector.

It will mark a new era of cooperation in the Hydrocarbon sector as Africa contains 10% of world's oil and 4% of the proven gas reserves, reports IRNA.

The two-day event will be inaugurated by the Minister of External Affairs Pranab Mukherjee on 6 November 2007 and the Minister of Petroleum and Natural Gas Murli Deora will deliver a special address during the inaugural session.

The exhibition will be inaugurated by the Minister of State for Petroleum and Natural Gas Shri Dinsha Patel in the afternoon same day.

India wanted to acquire more oil and gas fields, as well as other energy projects such as refineries, petrochemical plants and pipelines, even as it aimed to raise imports from the region by about 32% in the next two to three years.

Crude oil imports may rise to 25 million tonnes from 19 million tonnes now. India imported 73% of its oil needs from West Asia but now wanted to reduce that reliance.

Crude imports from Africa constituted about 16% of the total import of 110 million tonnes.

In comparison, China imported 36 to 37 million tonnes out of its total import of 207 million tonnes from Africa.

Besides oil, India was also targeting import of Liquefied Natural Gas from nations such as Nigeria, Algeria and Egypt.

The two-day India-Africa Hydrocarbon Conference and Exhibition from 6 - 7 November 2007 in the national capital New Delhi is jointly organised by Ministry of Petroleum and Natural Gas, Federation of Chamber of Commerce and Industry (FICCI) and United Nations Conference on Trade and Development (UNCTAD).

Article published courtesy of BuaNews