India, Qatar sign oil and gas pact to boost cooperation | business | Hindustan Times
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India, Qatar sign oil and gas pact to boost cooperation

business Updated: Apr 09, 2012 21:52 IST

A pact to enhance cooperation in the key sector of oil and gas exploration is among the six agreements inked on Monday between India and Qatar, which has the world’s third-largest natural gas reserves after Russia and Iran.

Prime Minister Manmohan Singh and Emir of Qatar Sheikh Hamad bin Khalifa al-Thani held comprehensive talks on a whole gamut of bilateral ties, including boosting trade as well as energy cooperation and welfare of Indian workers. There are around 500,000 Indians in the Gulf country.

After the talks, Petroleum minister S Jaipal Reddy and Qatar’s energy minister Mohammed Bin Saleh al-Sada signed an MoU to establish a cooperative framework to facilitate and to enhance bilateral cooperation in the oil and gas sector.

It envisages cooperation in the areas of upstream and downstream oil and gas activities. It is expected to encourage and promote investment and cooperation between two ministries of oil and gas and through affiliated companies.

Qatar is the largest supplier of LNG to India, which buys 7.5 million tonnes/per year of LNG from it. India wants to have huge additional supply of oil and LNG from Qatar but pricing is an issue.