Kazakhstan, India ink agreement on energy transportation

Jun 29, 2015 12:00 AM

Astana and New Delhi have signed an agreement on assessment of economic feasibility of transportation of oil, gas and liquefied natural gas from Kazakhstan to India.

This remark was made by Indian Petroleum and Natural Gas Minister Shri Dharmendra Pradhan last week after a meeting with Kazakh Energy Minister Vladimir Shkolnik in New Delhi.

During the meeting the sides focused on export of Kazakhstan's natural gas or LNG to India and agreed to establish a working group engaged to work on this issue.

India recognized Kazakhstan's independence in 1992. In recent years, India has sought to increase its commerce and strategic ties with Kazakhstan, which is the largest nation of Central Asia, and occupies a major expanse of territory in the region, with extensive oil, natural gas and mineral reserves.

To bolster economic ties, both nations have established the Indo-Kazakh Joint Business Council.

Information technology, pharmaceuticals, space research, banking, creation of transport corridors, training of military officers, developing joint military-industrial projects and establishing a partnership between the defense industries, as well as renewable energy and oil exploration are prospective fields for cooperation of India and Kazakhstan.

Kazakhstan and India are strategic partners as well. They support each other both at the international and bilateral levels.

India intends to invest $400 million in the oil and gas exploration in Kazakhstan.

The ONGC Videsh Limited (OVL), a daughter company of Oil and Natural Gas Corporation (ONGC), has a 25-percent share in the project of development of the Satpayev block, where India has already invested $150 million.

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