Saturday, May 05, 2007
Iraq invites Indian company to set up oil refineries
Oil
(Business Standard) - Iraq has invited Indian Oil Corporation (IOC), the country’s largest oil refiner, to set up refineries in the war-torn country, and also participate in other downstream projects, a government statement said.
Petroleum Minister Murli Deora, who is currently on a visit to Riyadh in Saudi Arabia to participate in the Second Ministerial Energy Round Table of Asian Oil Producing and Major Asian Oil Importing Countries, met Iraqi Oil Minister Hussain Al-Shahristani and discussed ONGC Videsh’s (OVL) participation in Iraq’s upstream sector. OVL and Reliance Industries have evinced interest in entering Iraq’s oil exploration sector.
OVL, Reliance and Algeria’s Sonatrach were in talks with the Saddam Hussein regime before the US took over Iraq in 2000. The UN sanctions that came in after 2000 prevented further talks from talking place. Iraq has proven oil reserves of 112 billion barrels which makes it the world’s second largest, behind Saudi Arabia.
Petroleum Minister Murli Deora, who is currently on a visit to Riyadh in Saudi Arabia to participate in the Second Ministerial Energy Round Table of Asian Oil Producing and Major Asian Oil Importing Countries, met Iraqi Oil Minister Hussain Al-Shahristani and discussed ONGC Videsh’s (OVL) participation in Iraq’s upstream sector. OVL and Reliance Industries have evinced interest in entering Iraq’s oil exploration sector.
OVL, Reliance and Algeria’s Sonatrach were in talks with the Saddam Hussein regime before the US took over Iraq in 2000. The UN sanctions that came in after 2000 prevented further talks from talking place. Iraq has proven oil reserves of 112 billion barrels which makes it the world’s second largest, behind Saudi Arabia.
Labels: Hussain al-Shahristani, Indian Oil Corporation, Iraq, Murli Deora, oil refineries, OVL
