FINANCIAL NEWS

Iraq offers India more crude supplies

11 Feb 2009

(MENAFN) Iraq has offered to boost its crude supplies to India through the next few years. Iraq has also sought Indian investments in its refining sector, Reuters reported.

Iraq’s Industry and Mineral Minister, Fawzi Hariri, invited Indian companies to invest in Iraq’s oil sector which would get an assured supply of crude oil, the Indian oil ministry said in a statement.

India is building 5 million tons of strategic crude oil storage at three locations, and the first storage of 1.33 million tons at Vishakapatnam is planned to be built at Vizag in 2011. India’s oil minister offered his Iraqi counterpart use of India’s planned storage facilities.

It is worth noting that Iraq plans to become the world’s top oil producer in a time span of six to seven years, in order to rebuild its war-wrecked economy.

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