Oil Minister visiting Mexico and Colombia for India’s energy security

 The Dollar Business Bureau In order to boost energy trade with Latin America, Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan is on tour Mexico and Columbia from today for mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security. The Oil Minister is accompanied by a high level delegation which includes B. Ashok (Chairman, Indian Oil), Narendra Kumar Verma (Managing Director, ONGC Videsh Ltd) and other senior ministry officials. Apart from PSUs, Atul Laul (President, Reliance Industries), Mayank Ashar (CEO, Cairn India) and Rajeev Sharma (CEO, Adani Gas CEO) have also joined the 15-member delegation. He is also expected to meet the energy ministers of Mexico & Colombia and discuss about key enabling policies which would facilitate an increased energy trade. While the delegation would meet their counterparts to discuss the energy industry of the two countries and areas of cooperation which include joint development offshore and onshore Oil & Gas fields, partner in hydrocarbon engineering services and to explore opportunities of business partnership among both the countries. According to FICCI this visit is in sync with our energy security imperatives and is extremely important from the perspective of diversifying India’s Oil & Gas supplies. “This visit is in sync with our energy security imperatives and is extremely important from the perspective of diversifying India’s Oil & Gas supplies,” added FICCI. Meanwhile, the delegation may also discuss avenues of cooperation in Unconventional Oil & Gas, which both the geographies are looking to exploit to address their growing energy needs. “Mexico and Colombia have brought in phased deregulation and have put together an independent regulatory framework for their Oil & Gas business which augurs well for evolving long term partnerships with foreign players including India. Their strategically favorable location which allows them an easy access of both Pacific and Atlantic markets makes them important prospective partners in the years and decades to come,” FICCI said in an official statement. Mexico and Colombia are very important economic and energy partners of India as its energy requirements necessitating increased imports and energy partnerships with important hydrocarbon producing countries.      

May 18, 2015 | 3:34 pm IST.