Moily in Iraq to expand cooperation in energy sector

[1]

Oil minister M. Veerappa Moily arrived in Baghdad on Saturday with a high level delegation as India looks to expand cooperation in energy and other sectors with post-war Iraq.

Moily is leading a 28-member delegation to take part in the 17th India-Iraq Joint Commission on Economic and Technical Cooperation on Sunday.

The delegation comprises of senior officials from the ministries of petroleum, power, steel, railways, agriculture, education, along with the representatives from all nine oil sector PSUs.

Moily will call on the Iraqi Prime Minister Nouri Al Maliki, deputy prime minister and the Oil Policy In-Charge Hussein Shahristani in Baghdad On Saturday.

Iraq, which is India’s second largest oil supplier after Saudi Arabia, is trying to raise output and needs investments to enhance its infrastructure, an area India is keenly looking at for furthering relations.

India is keen on exploring oil in the hydrocarbon-rich nation, build new refineries and revamp old ones, and build infrastructure like oil and gas pipelines and roads.

Reliance Industries has been shortlisted for development of the multi-billion-dollar Nasiriya oilfield project. Besides, Indian Oil Corp (IOC) has been training Iraqi oil officials in downstream refining and marketing.

Moily will formally inaugurate the 17th session of India-Iraq Joint Commission on Sunday with his Iraqi counterpart.

The commission deals with energy, agriculture, low-cost housing, higher education and tourism, among others.

The last meeting of the Joint Commission was held in 2007.

India’s ambassador to Iraq Suresh K. Reddy said the visit is significant in the wake of the fact that Iraq is now India’s second largest supplier of oil after Saudi Arabia.

“Iraq has always been a preferred and trusted partner of India for oil supplies. India has been looking for increased supply of crude from countries like Iraq and Saudi Arabia, as imports from Iran are becoming difficult due to western sanctions,” Reddy added.

Iraq targets to raise oil production to 2.9 million barrels per day by the end of this year and has promised to meet India’s additional energy requirements with the increase in its overall production.

During the recent visit of external affairs minister Salman Khurshid to Baghdad last month, India and Iraq had agreed to work as partners in different areas including oil and hydrocarbon sector.

On its part, Iraq invited Indian companies for reconstruction in the country and assured providing them safety and security.