China open to investments by Indian oil firms

Oct 13, 2004 02:00 AM

China said it was open to Indian oil firms investing in oil and gas exploration in the Communist country.
"We should explore the possibility of mutual investment. Indian companies are welcome to invest in oil and gas exploration and production in China," China's Ambassador to India Hua Junduo told after a 50-minute meeting with Petroleum Minister Mani Shankar Aiyar. He said the Chinese oil firms would also closely explore opportunities for investing in refining, petrochemicals and E&P.

Beijing was also "greatly" interested in the Asian Oil Buyers-Sellers Meeting that Aiyar is planning to hold in January next year, he said.
The meeting would bring together the four big importers -- India, China, Korea and Japan -- face to face with the big-hitting oil exporting countries including Saudi Arabia, Kuwait and Iran for sorting out issues like the premium which OPEC members charge from the Asian countries. Aiyar said Indian and Chinese oil firms can cooperate to get oil properties in third countries.

Source: Press Trust of India
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