4th meeting of India-Kuwait Joint Working Group on Hydrocarbons held in New Delhi
Kuwait was the fourth largest oil supplier to India after Saudi Arabia, Iraq and Venezuela during 2014-15.
The 4th meeting of the India-Kuwait Joint Working Group on Hydrocarbons was held on 16 September 2015 in New Delhi.
The meeting was jointly headed by Ashutosh Jindal, Joint Secretary (International Cooperation), Ministry of Petroleum & Natural Gas and Dr. Ahmad Al-Qattan, representative of the Kuwaiti Oil Sector.
During the meeting, both sides discussed various issues of bilateral engagement in the hydrocarbon sector and expressed satisfaction at the progress achieved on the decisions taken during the 3rd Joint Working Group signed in 2014 in Kuwait.
The two sides also discussed opportunities for joint investment in the oil & gas sector in India and abroad.
India-Kuwait relations in oil sector
• Kuwait has been a reliable supplier of crude oil to India for decades.
• During 2014-15, Kuwait was the fourth largest oil supplier to India after Saudi Arabia, Iraq and Venezuela and it meets about 10 percent of India’s energy needs.
• India’s imports from Kuwait during 2014-15 were 13.38 billion US dollars of which Petroleum, Oil and Lubricants (POL) accounted for 12.28 billion US dollars.
• Kuwait embarked on its Development Plan (2015-2020) under which it is expected to award contracts worth over 115 billion US dollars in various sectors including oil and gas sector both upstream and downstream, petrochemicals, gas processing, pipeline, etc.
• As Indian companies are becoming truly global during the recent decades, the Kuwait Development Plan presents huge opportunities for OVL (ONGC Videsh Limited) and other energy companies.
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