OVL sets sights on Tanzania

Wants to bid for seven offshore and one onshore oil and gas blocks in Tanzania

ONGC Videsh Ltd, the overseas arm of state-run ONGC Ltd, has expressed interest for bidding in the fourth licensing round for seven offshore and one onshore oil and gas blocks in Tanzania.

This was finalised in a bilateral meeting between D Purandeswari, minister of state for commerce and industry, and Abdallah O Kigoda, industry and trade minister of Tanzania at Dar-es-Salaam on Wednesday.

"Tanzania has appreciated the various initiatives taken by India for setting up infrastructure projects in Tanzania, namely 200 MW gas-based Combined Cycle Power Project, Wind Power Project and the Dry Port Project. India, on the other hand, has agreed to cooperate with Tanzania for rehabilitation and modernization of the Tanzania Railway system," a commerce ministry statement said.

The matter relating to the ban on export of rough Tanzanite imposed by Tanzania also came up for discussion between the two Ministers. In response to the Indian request for revoking the ban, the Tanzanian side assured that the matter will be considered. The Indian delegation also agreed to consider the Tanzanian request to establish a Gemology Institute in Tanzania and offered help in capacity building by training master craftsmen of Tanzania.

Both the sides further agreed to double the volume of bilateral trade in the next two years and to reduce the trade imbalance, which is currently in favour of India. The volume of bilateral trade in 2012 was $2.12 billion.