India invited Kuwaiti companies to invest in the opportunities in a number petro-chemical projects, refinery projects and upstream-exploration and production ventures in the country.

Kuwait Minister of Amiri Diwan Affairs, Sheikh Nasser Sabah Al-Ahmed AK-Jaber Al-Sabah met the Indian Minister of Petroleum and Natural Gas, Dr M.Veerappa Moily here on Monday.

“Both sides should give new momentum to the long-standing warm and friendly relations. We should move fast beyond discussions and finalize the projects for cooperation in the oil and gas sector,” said Dr Moily after the meeting.

The Kuwaiti Minister is on a three-day visit to India accompanied by officials of the Kuwaiti Investment Authority and Kuwait Petroleum as well as Kuwait Chambers of Commerce.

He met the Indian External Affairs Minister, Salman Khurshid and both the leaders discussed opportunities for Kuwaiti investment in refineries in India and potential Indian project exports to Kuwait were discussed. They also exchanged views on the situation in West Asia and matters relating to the welfare of the large Indian community resident in Kuwait.

In his discussions with the Kuwaiti Minister, Dr Moily invited Kuwaiti companies to invest in the opportunities in a number petro-chemical projects, refinery projects and upstream-exploration and production ventures in India. He cited examples of up-coming petro-chemical projects at Dahej, Mangalore and Paradeep which offer possibilities for Kuwaiti companies to pick up stakes for mutually beneficial cooperation.

“Similarly our companies would be keen to participate and invest in various projects in Kuwait’s E&P, refinery or petro-chemical sectors,” Dr Moily said.

He also proposed participation of EIL in the development of Kuwait’s oil industry projects.

Sheikh Nasser Sabah Al-Ahmed AK-Jaber Al-Sabah welcomed the proposal deeper cooperation between the oil sector companies of India and Kuwait. He suggested that the experts of the two sides should sit together to deliberate on specific projects. He invited representatives Indian Oil PSUs to visit Kuwait for taking forward the initiative. The Kuwait Minister assured his full support to the on-going and future cooperation in the sector.

The Kuwaiti Minister was accompanied during the meeting among others by CEO, Kuwait Petroleum Corporation Farook Al-Zanki. Dr Moily on the other hand was accompanied by Indian Ambassador to Kuwait Satish C Mehta, Chairman Indian Oil RS Butola, CMD EIL AK Purwaha, MD ONGC Videsh Ltd (OVL) DK Sarraf and Director (HR) ONGC KS Jamestin.

The Kuwaiti Minister also met the Indian Finance Minister P Chidambaram and the Indian Minister of Commerce and Industry and Textiles, Anand Sharma with whom he discussed opportunities for boosting bilateral trade and investment. He called upon the Vice President of India Mohammad Hamid Ansari.

On Tuesday he is slated to meet the Deputy Chairman of the Planning Commission Dr Montek Singh Ahluwalia and call upon the Indian Prime Minister Dr Manmohan Singh. He will also speak at Jamia Millia Islamia on the same day. On Wednesday he will depart for Kochi.