India intensifies cooperation with Venezuela

Vol 5, PW 18 (24 Oct 01) News in Brief

India and Venezuela are forging closer oil ties.

An oil ministry delegation was in Venezuela for a week to 4th October for a meeting of the bilateral 'Joint Working Group'. "We are interested in diversification of our sources of crude oil and Venezuela is interested in our technology to refurbish oil refineries.

This will be a good fit," learns Petrowatch. Reliance already has a crude oil supply term contract with Venezuela for its 27m t/y Jamnagar refinery.

Venezuelan president Hugo Chavez will be guest of honour at India's Republic Day parade in New Delhi on 26th January. Venezuela produces more than 3m b/d of oil.