India looks for greater access to Brazilian oil fields
Friday, 17 October 2008
NEW DELHI, Oct 16 (PTI): India is seeking greater access to oil fields in Brazil as the energy-hungry nation looks at Latin America to meet its growing fuel needs.
Petroleum Minister Murli Deora met visiting Brazilian Minister for Development, Industry and Foreign Trade Miguel Jorge over a working lunch Tuesday to seek greater presence of Indian companies in the Latin American nation.
New Delhi is also looking at sugarcane cultivation in Brazil. It wants to set up units to convert it into ethanol, which can be doped in petrol to reduce dependence on imported oil, official sources said.
Bharat Petroleum Corp Ltd (BPCL) has taken a lead in acquiring sugarcane farms and has also acquired Brazilian oil firm EnCana Brasil Petroleo Limitada (BPCL.) for USD 165 million. Oil and natural Gas Corporation (ONGC) Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has three offshore exploration blocks in that country.
"During the meeting, the two ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector," a official statement issued today said.
Petroleum Minister Murli Deora met visiting Brazilian Minister for Development, Industry and Foreign Trade Miguel Jorge over a working lunch Tuesday to seek greater presence of Indian companies in the Latin American nation.
New Delhi is also looking at sugarcane cultivation in Brazil. It wants to set up units to convert it into ethanol, which can be doped in petrol to reduce dependence on imported oil, official sources said.
Bharat Petroleum Corp Ltd (BPCL) has taken a lead in acquiring sugarcane farms and has also acquired Brazilian oil firm EnCana Brasil Petroleo Limitada (BPCL.) for USD 165 million. Oil and natural Gas Corporation (ONGC) Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has three offshore exploration blocks in that country.
"During the meeting, the two ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector," a official statement issued today said.