India mounting oil diplomacy: Natwar

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New Delhi, Jan 19: India is mounting diplomatic initiatives to secure oil and gas from Gulf, Russia and Africa, foreign minister K Natwar Singh said here on Wednesday.

After getting a foothold in oil and gas properties in 10 countries, including Sudan, Russia, Vietnam, Iran and Myanmar, New Delhi is “pursuing new opportunities in Columbia, Cuba, Ecuador, Trinidad-Tobago, Brazil and Argentina,” he said addressing the valedictory function of Petrotech 2005 conference here.

“Setting up energy-related engagements by consolidating existing relationships and reaching out to new areas constitute a special challenge to oil diplomacy. India is well-placed in respect of the principal sources of global supply,” Mr Singh said.

India has historic links with the Gulf region which are being refreshed while Russia’s pioneering role in setting up India’s oil and gas infrastructure over 50 years is being used as a stepping stone for expanding investment there.

“Africa, the third principal petroleum source, provides a special opportunity to us. We have had traditional ties with Africa, having participated in its anti-colonial struggle. Now, with the emergence of African countries as major petroleum producing states, the challenge before us is to build upon the goodwill that already exists,” he said.

“The challenge before the ministries of external affairs and petroleum is to engage in a deeper diplomatic dialogue with the principal African countries so that the traditional goodwill is leveraged into long-term energy-based engagement,” he said.

India produces 32 million tonne (mt) of oil but actually requires 113 mt, a gap of 70%. “As our economic growth increases in the coming years, this gap could go up to 85% over the next 20 years,”the minister said.

To fuel 7-8% economic growth, India’s energy consumption will increase by 5% per annum up to 2010-11.