In an effort to forge new equations with Central Asia, New Delhi has conveyed to oil-rich country Azerbaijan its interest in expanding bilateral energy and economic cooperation.
During the third round of the India-Azerbaijan foreign office consultations held in Azerbaijan?s capital Baku from September 22 to 24, ministry of external affairs secretary (east) Sanjay Singh discussed a host of bilateral initiatives with deputy foreign minister of Azerbaijan Khalaf Khalafov.
According to an official statement from the MEA, Singh said, ??The fact is that as an energy importing and fast developing country, India has an interest in Azerbaijan?s oil and gas sector …and possible utilisation of energy surpluses for production of end products of interest to India, such as fertilisers.??
Azerbaijan welcomed India?s interest in these sectors, the ministry said.
ONGC Videsh Limited (India), which is interested in Azerbaijan?s Babek gas structure in the Caspian Sea, is expected to announce a long-term contract in this regard with the state oil company of the Azerbaijan Republic (SOCAR). Babek contains about 400 billion cubic metros gas and 80 million tonne of gas condensate.
According to analysts, in the present global scenario of financial meltdown and unrest in the Arab world, it is important for India to renew and redefine its relationship with central Asia, which is described as its extended neighborhood.
Azerbaijan, located on the western side of the Caspian Sea, exports oil and gas to European markets via the Black Sea and pipelines through Georgia and Turkey.