India signs oil and gas deal with Turkmenistan

India signed a memorandum of understanding on oil and gas with Turkmenistan on Saturday, in a bid to open up Indian companies' access to the Central Asian country's rich reserves.

India signs oil and gas deal with Turkmenistan
India signed a memorandum of understanding on oil and gas with Turkmenistan on Saturday, in a bid to open up Indian companies' access to the Central Asian country's rich reserves, Russian RIA Novosti reported.

India, whose rapid economic growth has brought with it a surging demand for fuel, is competing with Russia, China and the United States for control over the vast oil and gas reserves of Turkmenistan and neighboring Kazakhstan.

Today's agreement was signed after a meeting between Indian Vice-President Hamid Ansari and Turkmen Deputy Prime Minister for Oil and Gas Tachberdy Tagiyev.

A source in India's oil ministry said: "This agreement will open the doors for Indian investment in Turkmenistan."

The deal foresees bilateral cooperation in production, processing, and transport of hydrocarbons, including the possible construction of a liquefied natural gas processing facility.

Ansari arrived in Ashgabat on Friday, and will travel to Kazakhstan on April 6.

The minister told reporters on Friday that India will seek to import hydrocarbons from "every source".

"We should be in a position to take advantage of the evolving situation," the Hindu newspaper quoted him as saying.

Last Mod: 06 Nisan 2008, 14:42
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