China seeks pact with India in Central Asian oil sector

Apr 12, 2005 02:00 AM

Visiting Chinese premier Wen Jiabao and his delegation have proposed joint exploitation of the natural resources in Central Asian countries, through tie-ups with ONGC and Oil India, and setting up a oil and gas hub in Ladakh, but the Indian side is not very receptive to the idea.
China says ONGC and Oil India can share their expertise in oil well exploration and cost accounting with the China National Petroleum Company, in return for Chinese investments and assistance with heavy equipment, but the Indian position is that the Central Asian republics do not have well-structured laws and designated courts for international arbitration, and Ladakh lies in a politically unstable region.

Officials said that China wants to break the monopoly of the Western world in the oil and gas sector, and argues about India and China coming together since they will consume massive energies in the next fifteen to twenty years.
Meanwhile, a foreign office delegation will leave for Central Asia in June to explore the national resources there, and India is especially keen on collaborations in Uzbekistan and Kazakhstan.

Source: Khilafah.com
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