(MENAFN- Muscat Daily) Oman with its strategic coastline and modern ports has the potential to become a gateway for oil and gas exports to India according to the country's ambassador to the sultanate.
Addressing the Arabian Sea Region Oil & Gas 2015 summit H E Mukul said India has been importing oil and gas from all GCC countries through a mix of term contracts and spot markets. India sources crude oil and liquified natural gas (LNG) consignments from Oman through spot purchases he added.
The two-day summit is being attended by delegates from countries surrounding the Arabia Sea to discuss exploration operational and regulation opportunities in the oil and gas sector.
India currently imports nearly 70 per cent of its hydrocarbon needs which is projected to rise to 90 per cent. 'Given the oil requirements of India and given the very strategic location of Duqm not constrained by the chock points of the Strait of Hormuz bilateral cooperation between India and Oman is very important for us' H E Mukul said.
He added India's bilateral trade with Oman stood at US$5.8bn at the end of March 2014 and efforts are on to diversify it to non-oils. Highlighting the need for more investments from India in Oman he said gas-based joint ventures between India and Oman have huge potential.
Giving the example of the success of India-Oman joint ventures particularly Omifco which is 50 per cent owned by Oman Oil Co (OOC) with Indian Farmers Fertiliser Cooperative Ltd (Iffco) and Krishak Bharati Cooperative Ltd (Kribhco) holding 25 per cent each.
The Arabian Sea is still an unexplored region with vast potential. More seismic surveys are taking place in the area with new exploration plans raising expectations.
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