ID :
29733
Wed, 11/12/2008 - 15:52
Auther :
Shortlink :
http://m.oananews.org//node/29733
The shortlink copeid
Qatar to invest USD 5 bn in energy, fertiliser in India By By Ammar Zaidi
Onboard PM's Special Aircraft, Nov 11 (PTI) Qatar may
invest USD 5 billion in energy and fertiliser projects in
India as part of New Delhi's efforts to use surplus funds from
the energy-rich Gulf region to shore up slowing economic pace.
Prime Minister Manmohan Singh, on his way back from the
three-day maiden visit to the region, said he discussed with
the Qatari leadership the modalities of setting up the USD 5
billion fund dedicated for investments in India.
"We discussed the modalities of Qatar investing about USD
5 billion in India. In the next 2 or 3 months, we will work
out modalities (and) identify projects in the area of energy,
power, fertiliser and related activities," he said.
The discussions over the next couple of months would
enable the Government of Qatar to decide where it wants these
funds to be invested in.
Discussions on the Qatar Investment Fund followed India
and Oman signing an agreement on November 8 to set up a USD
100 million joint investment fund for financing projects in
telecom, infrastructure, utilities, health and urban
infrastructure.
The India-Oman Joint Investment Fund, with an equal
contribution from each side, would eventually go up to USD 1.5
billion, the Prime Minister said.
From Qatar, India is keen to source a minimum of 2.5
million tonnes of additional liquefied natural gas (L.N.G.)
and buying fertilisers on a long-term contract.
"We also discussed the possibilities (of Qatar) supplying
fertilisers (to India through) either investments in
fertiliser plants in India or expanding production fertiliser
plants in Qatar with assured buyback in India. And it was
agreed the two countries will explore possibilities," he said.
The Prime Minister said Qatar has agreed to consider
selling more L.N.G. to India in one or two years.
"On my request and on the request of Petroleum Minister
Murli Deora, the Government of Qatar has agreed to consider
enhancing our allocation in the course of one or two years,"
Singh said.
India currently buys five million tonnes of L.N.G. a year
from RasGas of Qatar under a 25-year contract. Next year an
additional 2.5 million tonnes of L.N.G. will be available
under the same long-term contract.
Deora in his meeting with Qatar Deputy Prime Minister
and Energy and Industry Minister Abdullah bin Hamad al Attiyah
projected a shortfall of 5-7.5 million tonnes of L.N.G. for
industries in India.
Qatar stated that its current L.N.G. production is all
tied up and will consider New Delhi's request when new
projects come up in 2011. PTI A.N.Z.
RKM
NNNN
invest USD 5 billion in energy and fertiliser projects in
India as part of New Delhi's efforts to use surplus funds from
the energy-rich Gulf region to shore up slowing economic pace.
Prime Minister Manmohan Singh, on his way back from the
three-day maiden visit to the region, said he discussed with
the Qatari leadership the modalities of setting up the USD 5
billion fund dedicated for investments in India.
"We discussed the modalities of Qatar investing about USD
5 billion in India. In the next 2 or 3 months, we will work
out modalities (and) identify projects in the area of energy,
power, fertiliser and related activities," he said.
The discussions over the next couple of months would
enable the Government of Qatar to decide where it wants these
funds to be invested in.
Discussions on the Qatar Investment Fund followed India
and Oman signing an agreement on November 8 to set up a USD
100 million joint investment fund for financing projects in
telecom, infrastructure, utilities, health and urban
infrastructure.
The India-Oman Joint Investment Fund, with an equal
contribution from each side, would eventually go up to USD 1.5
billion, the Prime Minister said.
From Qatar, India is keen to source a minimum of 2.5
million tonnes of additional liquefied natural gas (L.N.G.)
and buying fertilisers on a long-term contract.
"We also discussed the possibilities (of Qatar) supplying
fertilisers (to India through) either investments in
fertiliser plants in India or expanding production fertiliser
plants in Qatar with assured buyback in India. And it was
agreed the two countries will explore possibilities," he said.
The Prime Minister said Qatar has agreed to consider
selling more L.N.G. to India in one or two years.
"On my request and on the request of Petroleum Minister
Murli Deora, the Government of Qatar has agreed to consider
enhancing our allocation in the course of one or two years,"
Singh said.
India currently buys five million tonnes of L.N.G. a year
from RasGas of Qatar under a 25-year contract. Next year an
additional 2.5 million tonnes of L.N.G. will be available
under the same long-term contract.
Deora in his meeting with Qatar Deputy Prime Minister
and Energy and Industry Minister Abdullah bin Hamad al Attiyah
projected a shortfall of 5-7.5 million tonnes of L.N.G. for
industries in India.
Qatar stated that its current L.N.G. production is all
tied up and will consider New Delhi's request when new
projects come up in 2011. PTI A.N.Z.
RKM
NNNN
