India keen on joint works of oil, gas blocks in Qatar

India on Sunday evinced interest in joint exploration of new oil and gas fields as well development of discovered assets in resource-rich Qatar as the two countries decided to focus on enhancing cooperation in the energy sector.

India also invited Qatar to invest in the country's exploration and production sector by bidding for the blocks under the new 'Hydrocarbon Exploration and Licensing' Policy and take part in disinvestment of Indian PSUs. An MoU was signed with Qatar Investment Authority for facilitating Qatari investment in the Rs 40,000-crore National Investment and Infrastructure Fund.

India "highlighted the interest of its energy companies to pursue opportunities of mutual interest in Qatar, with Qatar Petroleum and other companies, in order to jointly explore new fields as well as development of discovered oil and gas assets and exploit the existing resources of natural gas and crude oil in Qatar," said a joint statement issued after wide-ranging talks between Prime Minister Narendra Modi and Emir of Qatar Sheikh Tamim bin Hamad Al-Thani.

"The two sides agreed to focus on enhancing cooperation in energy, covering the areas of training and human resources development and cooperation in research and development and through promotion of joint ventures in petrochemical complexes and cooperation in joint exploration in India and other countries," the statement said.

India invited Qatar to participate in the second phase of the strategic reserves storage facility being created in India, the statement said.

The leaders also deliberated upon the need for strengthening bilateral cooperation in the financial services sector, including banking, insurance and capital markets.

"They decided to expand cooperation between the financial institutions of the two countries like Securities and Exchange Board of India and the respective central banks," the statement said.

Qatar is the largest supplier of LNG and LPG to India.

The two sides also discussed various avenues for Qatari investments in India, particularly in different asset classes and various infrastructure sectors as well as disinvestment of Indian PSUs.

The leaders agreed to increase the level of participation in infrastructure projects in both countries.

An MoU was also signed between Qatar Investment Authority and External Affairs Ministry for investment in National Investment and Infrastructure Fund between the two countries that would facilitate foreign investment from the gas-rich Gulf state, the statement said.

The two countries agreed on regular and timely exchange of information on available investment opportunities, it said.

The two sides also agreed to focus on enhancing

cooperation in energy, covering the areas of training and human resources development and cooperation in research and development and through promotion of joint ventures in petrochemical complexes and cooperation in joint exploration in India and other countries, the statement said.

To promote business-to-business and tourism linkages, they also agreed to put in place appropriate mechanism for expeditious grant of visas to businessmen and tourists of the two countries, it said.

With the two countries being among the top trading partners for each other, both sides agreed upon the need to further strengthen trade ties, particularly through diversifying the trade basket.

"The Qatari side welcomed the participation of Indian companies in the infrastructure development projects in Qatar in preparation for the FIFA 2022 World Cup and the development plans under "Vision 2030 for Qatar," it said.

The two leaders agreed to enhance cooperation to strengthen maritime security in the Gulf and the Indian Ocean regions, vital for the security and prosperity of both countries.

During the meeting, Modi highlighted the major initiatives taken by the government for 'Ease of Doing Business' through simplification and rationalisation of existing rules and relaxing of foreign direct investment caps in key areas, including railways, defence and insurance.

Informing about the plans to create world class infrastructure in India through 100 smart cities; metro projects for 50 cities; modern waste management system for 500 cities; and a roof over every head by 2022, Modi invited Qatar to be a partner in India's growth story.

Modi and Sheikh Tamim held detailed talks here on a wide range of issues with an intent to give a push to India-Qatar ties.

Qatar is an important trading partner for India in the Gulf region with bilateral trade in 2014-15 standing at USD 15.67 billion. It is also one of India's key sources of crude oil.