Ongc In Talks With Azerbaijan For Oil Exploration

India is holding talks with Azerbaijan for oil exploration as well as setting up pharmaceutical firms

in the joint sector, Nareshwar Dayal, secretary, ministry of external affairs said here yesterday.

India wants to be a front player in the development of oil-rich Azerbaijan, Dayal, who was here on his way back after leading high-level business delegation to Azerbaijan, said.

The Oil and Natural Gas Commission (ONGC) will seek a share in exploring Azerbaijans massive oil reserves for which several leading multinational companies have committed $30 billion to date, he said.

ONGC is currently holding talks with Socar, its Azeri counterpart in Baku and other international consortiums for settling joint ventures with equity participation.

 

Dayal said two Indian pharmaceutical companies, Ajanta Pharma and ACE Pharmaceuticals were keen to set up joint ventures in Azerbaijan to manufacture medicines.

Azerbaijan already imports 30 per cent of its medicines from India and Ajanta Pharma, which has a manufacturing unit in Uzbekistan, and ACE Pharmaceutical keen on making foray into Azerbaijan, held talks with prospective clients during the visit.

Dayal said India and Azerbaijan had concluded three agreements on science and technology, civil aviation and technical cooperation to bolster bilateral trade between the two countries.

The Americans and Russians were investing in Azerbaijan in a big way and India could translate time tested relations into tangible economic ties, he said.

Dayal said India had offered to train 10 Azeri students as part of an ongoing exchange programme and also would send experts from the small industries sector to Azerbaijan.

Aliyev, once number two in the erstwhile Soviet Union, became the president of Azerbaijan in 1993. He is well-known to the Indian leaders, particularly to those from the communist party.

Indias ambassador to Akara R M Abhayankar, who is also accredited to Azerbaijan said an exclusive exhibition showcasing Indias strength in various fields would be held in Baku in the last week of June.