Tuesday, November 6, 2007

India seeks a tap for hydrocarbon summit

India is organizing a two day hydrocarbon conference beginning on Tuesday that would be attended by 25 African countries.

"The hydrocarbon sector is an obvious choice for our intensive engagement with Africa as countries there account for 16 per cent of India's crude oil imports," said a petroleum ministry official.

The two-day event is being organised jointly by the Ministry of Petroleum and Natural Gas, the Federation of Indian Chambers of Commerce and Industry and the UN Conference on Trade and Development (UNCTAD).

According to the organisers, at least 15 ministers have agreed to attend the conference including those from important oil producing countries of Nigeria, Sudan, Chad, Equatorial Guinea and Ghana.

  • India currently imports some 70 per cent of its crude needs.

  • Africa already meets 16 per cent of America's imported fuel imports.

The scramble for African hydrocarbon is not surprising with various estimates suggesting that it already possesses about 10 per cent of the world's oil reserves and accounts for 72 per cent of the undiscovered oil reserves.

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