India, Colombia to strengthen ties in hydrocarbon

Published on May 24, 2015 02:11:41 AM
Business

The Colombian Energy and Mines minister Tomas Gonzalez Estrada and CEO, Ecopetrol invited Indian investment in all streams of hydrocarbon sector and expressed willingness to collaborate with India, during the three day visit of minister of State for Petroleum and Natural Gas Dharmendra Pradhan to Colombia that was held between May 20 and 22.

The two ministers agreed to reactivate a Joint Working Group (JWG) on Hydrocarbon which was earlier agreed in 2008 but had never met. The JWG was mandated to identify concrete projects where the two sides can work together.

Pradhan said the present government under Prime Minister Narendra Modi wants to diversify its import sources of energy and India would like to source more crude from Latin America in general and Colombia in particular. India imported 6.3 MMT crude from Colombia in 2013-14.

The Indian minister highlighted the scope of enhancing cooperation between Colombia and Indian public and private sector companies in the areas of exploration and production activities in Colombia including in deep water and unconventional resources; refining sector; and EPC and infrastructure related to oil and gas.