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Asian oil ministers to meet on November 25

India to ink 6 Mou's with Korea and another with Turkey for enhancing cooperation in the hydrocarbons sector.

india Updated: Nov 23, 2005 17:09 IST

India will sign six agreements with Korea and another with Turkey for enhancing cooperation in the hydrocarbons sector during the roundtable meeting of North and Central Asian oil producers with major Asian oil consumers.

The roundtable, to be held here on November 25 as part of efforts to enhance energy dialogue among leading producers and consumers in the continent, follows the meeting in January this year where major Asian consumers met their counterparts from southeast and west Asian oil producers.

"The idea is to explore areas of common interest such as stability of oil prices, security and sustainability through interdependence and mutual cooperation," Petroleum Secretary SC Tripathi told reporters.

The meeting would discuss issues such as role of Asian oil markets, criss-cross investments in each others' countries and the viability of a Asian gas grid among others, he said.

China, Japan, South Korea and India are the biggest consumers of petroleum products while north and central Asian countries such as Russia, Turkmenistan, Kazakistan Uzbekistan, Azerbaijan and Turkey are principal oil and gas producers.

The Memoranda of Understanding (MoUs) with Korea and Korean companies include those on for hydrocarbon cooperation, strategic underground petroluem storage, technical collaboration on gas hydrates, hydrogen, CNG and fuel cells.

ONGC Videsh Ltd and Korea National Oil Company would sign an MoU for a strategic alliance, which would even lead to joint bidding of oil and gas assets in future.

The MoU with Turkey would cover wide-ranging cooperation in the hydrocarbons sector, he said, adding issues of bilateral importance would also be discussed on the sidelines of the one-day conference.

Tripathi said Asia has emerged as a major oil consumption centre, accounting for 40 per cent of world's total of 82 million barrels per day.

Led by India and China, demand in Asia was rising faster than the global average, he said, adding this made it imperative to have closer cooperation between Asian producers and consumers.

The conference will be chaired by Petroleum Minister Mani Shankar Aiyar and co-chaired by Russian Energy Minister V Kristenko. Energy Ministers and representatives from Korea, Uzbekistan, Japan, Kazakhstan, Azerbaijan and Turkey would also take part in the meeting. China would be represented by its Ambassador to India, Sun Yuxi.

Besides the ministers, officials of leading oil firms from Russia, Korea and other countries would also be visiting India for discussions on issues of bilateral importance, Tripathi said.

First Published: Nov 23, 2005 17:09 IST