Iraq and India sign cooperation accord to boost trade ties

Jul 08, 2002 02:00 AM

Iraq and India have signed a cooperation agreement aimed at boosting bilateral economic ties in several fields, including the oil sector. The accord was signed by Iraqi Oil Minister Amer Mohammed Rashid and his visiting Indian counterpart, Ram Naik, after two days of meetings between Iraqi and Indian officials.

Under the agreement, India is to supply Iraq with medicine, wheat, rice, railway equipment and turbines for electricity generations. Rashid said Iraq, India and Algeria are about to start exploring and drilling the southern Tuba oil field.
"We are in the final stage. It is a consortium between Indian companies and the Algerian Sonatrach company, and we hope to realize it by the end of summer," Rashid was quoted as saying. Naik said India's Oil Natural Gas Corporation, which is to operate in Tuba field, has opened offices in Baghdad.

Iraq has been awarding Indian companies contracts under the UN oil-for-food program in return for India's diplomatic support at the United Nations. Thehumanitarian program allows Iraq to bypass sanctions imposed for its 1990 invasion of Kuwait and sell oil on condition that the revenue is spent on food and humanitarian goods. Rashid said the trade volume between the countries has reached about $ 1 bn under the oil-for-food deal.

Source: AP Worldstream
Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« December 2016 »
December
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Register to announce Your Event

View All Events