Norway scouts for Indian alliances in oil and gas

Mar 31, 2007 02:00 AM

Norway has offered to collaborate with India in oil, gas and shipping sectors, which have great potential for exploration.
"Indian companies are looking for oil and gas opportunities in Norway. We invite collaborations in sectors including shipping," Norwegian Finance Minister Kristin Halvorsen said.

Information Technology is yet another viable area of collaboration between the two countries, Department of Economic Affairs Joint Secretary Sanjay Krishna said.
Referring to Norwegian pension funds, which the country invests abroad, including India, Halvorsen said: "These funds, which finance future imports, will see an increased investment in Asia in years to come." The fund with its current size of $ 300 bn is managed by the Norway Central Bank. Up to 40 % of it is invested in equities, of which 20 % is in Asia. Investment of funds in equities may go up to 50-60 % depending on the approval of its Central Bank, she said.

The Norwegian minister also hinted at outsourcing services to India.
"We need skilled labour. It is popular in our country to have services from abroad and reputation of Indian companies is good," she said. India imports machines, iron and steel and other non-ferrous metals from Norway while its exports to that country include yarn and fabrics, minerals, hand bags, coffee, tea and footwear.

Source: Press Trust of India
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