Date:16/01/2005 URL: http://www.thehindubusinessline.com/2005/01/16/stories/2005011601570300.htm

Back Aiyar seeks foreign investments

Our Bureau

The Minister for Petroleum and Natural Gas, Mr Mani Shankar Aiyar, with the Minister of Energy & Mines of Ecuador, Mr Eduardo Lopez, at the inaugural function of the 6th International Petroleum Exhibition in the Capital on Saturday. — Kamal Narang

New Delhi , Jan. 15

THE Petroleum Minister, Mr Mani Shankar Aiyar, today invited foreign investments in the upstream and downstream business of the petroleum sector.

Inaugurating the Petrotech-2005 exhibition here, he said India has already offered 20 blocks for global bidding under the fifth round of New Exploration Licensing Policy.

Mr Aiyar said there had been three major developments in the past 15 days. The first one was the buyer-sellers' meeting of Asian oil ministers, the second was the LNG purchase agreement with Iran and the third was the laying of Myanmar-India pipeline through Bangladesh.

The Minister also lauded the role of Indian petroleum companies, which had gone abroad and also providing technologies to foreign companies.

He said like in the IT sector, the day is not far when every third petro-tech person would be from India.