Date:03/07/2005 URL: http://www.thehindubusinessline.com/2005/07/03/stories/2005070301300500.htm

Back India-Turkey joint working group for hydrocarbon sector

Our Bureau

New Delhi , July 2

INDIA and Turkey have decided to set up a joint working group for the hydrocarbon sector. This will be set up within the framework of the joint commission constituted by the two countries.

Announcing this, the Petroleum Minister, Mr Mani Shankar Aiyar, told presspersons here that the joint working group would be reporting to the joint commission. The Minister of Commerce and Industry, Mr Kamal Nath, and the Turkish Minister for Energy and Natural Resources, Mr Helmie Guler, are the members of the joint commission.

The two countries have decided to work together for acquiring stakes in third countries oilfields. Mr Aiyar is leading a business delegation to Turkey and Romania. The visit gains special significance since Turkey is the gateway to West Asia, Caspian oil and Central Asia natural gas, generally regarded as the future energy reserves of the world.

Talking about Indian investments in Turkey, the Ministry said that, Indian Oil Corporation would be bidding for some state-owned refineries in Turkey including Tupras refinery. Meanwhile, the Indian Government has invited the Turkish equivalent of ONGC to invest in India. India would also be looking at third party investments together with the Turkish company.