Online BusinessIndia-Africa oil summit opens today
Participants from 22 African countries are likely to attend the second India-Africa Hydrocarbons Conference, scheduled to be held here tomorrow and the day after. The objective is to bring together ministers in-charge of oil and gas, top government officers and captains of the industry for exploring partnership opportunities.
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An agreement between India and Sudan for cooperation in oil and gas will be among several others to be signed during the conference. Seven African ministerial delegations are likely to attend the conference, with whom Indian officials will also have bilateral meeting.
Leading Indian companies like Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation , GAIL (India), Petronet LNG, Reliance Industries, Essar Oil, L&T, Videocon, and Tata will be participating in the conference. India’s upstream regulator, the Directorate General of Hydrocarbons (DGH), as well as the downstream regulator, Petroleum and Natural Gas Regulatory Board (PNGRB), would be sharing their expertise with participants.
India and several African countries have a dynamic hydrocarbon sector and have been partners. India has invested significantly in exploration and production of hydrocarbon resources in Sudan, Nigeria, Libya, Egypt, Gabon and Congo-Brazzaville, among others. India is also a market for African countries like Nigeria, Angola, Egypt and Sudan market for export of crude oil. India is also engaged with Africa in retailing of petro products, building of oil storage terminals, refinery upgradation and training and consultancy services.
India offers African countries a huge market for hydrocarbons. The country has emerged as a leading refining hub, exporting over $25 billion worth of petroleum products annually. It has proven expertise in refining, consultancy, training, infrastructural development, etc. There is an immense potential for business tie-ups.