India ready to exchange refinery products with Kuwait: Official
Pankaj Jain, Representative of the Indian Ministry of Oil and Natural Gas, emphasizes opportunities for collaboration in oil exploration and expertise exchange.
By Abrar Aloqaily
Special Correspondent
• The Gulf region serves as a significant source for the majority of India’s oil and gas imports, fulfilling around 60% of its energy needs.
• India ranks as the world’s third-largest consumer of oil and gas and the fourth-largest global refining hub.
Pankaj Jain, Indian Ministry of Oil and Natural Gas representative, praised the enduring bonds shared between India, Kuwait, and the Gulf countries, which date back to a time before the discovery of oil and gas
During a meeting with Kuwaiti and Gulf media at the Indian Ministry of Oil and Natural Gas in New Delhi, Jain highlighted the potential for collaboration in oil exploration and expertise exchange. He also expressed India’s willingness to engage in the exchange of refinery products with Kuwait, thereby ensuring mutual satisfaction of both parties’ requirements.
In response to a question from The Times Kuwait, Jain affirmed, “We have been working in the field of oil refining in India for over 100 years, accumulating extensive experience. We would be more than happy to share this expertise with Kuwait.”
Jain revealed plans for the India Energy Summit in February, which will see participation from major Gulf and global oil companies, offering further opportunities for collaboration, agreements, and contracts. He underscored the robustness of India’s relations with Gulf countries, accentuating the significance of reciprocal visits among top officials.
He highlighted the key role played by five Gulf countries as India’s key trade partners in the oil and gas sector, contributing to over half of the bilateral trade. This encompassed diverse areas such as fertilizers, food products, organic industries, and services.
He further elaborated on India’s collaboration with Gulf countries in the energy sector, particularly in crude oil, gas, and petrochemicals. The Gulf region serves as a significant source for the majority of India’s oil and gas imports, fulfilling around 60% of its energy needs.
India ranks as the world’s third-largest consumer of oil and gas, the fourth-largest consumer of natural gas, and the fourth-largest global refining hub. Additionally, it holds the fourth position globally as an automobile market.
