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Oman welcomes Indian investment, joint ventures

business Updated: Jan 12, 2009 15:19 IST

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With the easing global oil prices, Gulf countries like Oman look forward to investment from India and joint ventures with Indian firms.

"We welcome investment from Indian companies and also an arrangement where Indian companies can form join ventures with our companies," Oman Oil and Gas Minister Mohammed Bin Hamad Al-Rumhy told reporters on the sidelines of the Petrotech 2009 conference in New Delhi on Monday.

Referring to the gloomy global economic outlook, he said, "it is important that in this time oil companies do not lose focus on investment".

He said contrary to popular belief, producers are as concerned about the energy scenario as anyone else.

"This resource is finite and is going to run out. There will be no producers and no consumers then," he said.

He also said his country supported the development of alternative energy.

Monday speculation drives oil prices depending on many factors including geo-political reasons and "if we share information effectively, drivers of speculation will be limited", he added.