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India for Good ties with 'oil nations'

Petroleum Minister M. Veerappa Moily held a series of bilateral meetings with officials from Libya, the UAE, Bahrain and Canada, seeking better cooperation in the oil and gas sector, including higher crude oil supplies. In their meeting, both Moily and his Libyan counterpart Abdulbari A. Arousi emphasised the need for increasing cooperation in terms of greater crude oil supply to India and Indian participation in upstream projects there.

At the meeting, OVL proposed signing an MoU to provide institutional framework for exploring specific projects in the North African country. BPCL urged for the revival of a term contract for supply of crude oil to India.

According to an official release, in his discussions with UAE’s Energy Minister Suhail Mohhamed Al Mazrouei, Moily proposed a partnership between OVL and Mubadala, an investment and development company of the Gulf nation, for investment in upstream projects. Moily also sought greater role for Engineers India Ltd in the development of the UAE’s oil sector.

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