India, the net importer of crude oil, looks to explore opportunities to boost trade and investment in the hydrocarbon-rich Africa to tap the unexplored resources of the continent to meet its fuel demand.
With an aim to create greater cooperation, New Delhi is hosting the 4th India Africa Hydrocarbon Conference (IAHC) on January 21-22, which will provide a global forum for energy ministers and delegates of African nations to chart out the road map for extended energy cooperation with India.
“It is a continuation of the discussion revolving around synergies between India and Africa and will strengthen the ties between the two. The partnership would enable India to enhance its energy security while nurturing Africa’s hydrocarbon’s sector growth on several fronts like capacity building, environmental sustainability, human resource development and employment generation,” a government statement said on Tuesday.
India imports 75% of its crude oil requirement from Africa. In June last year, Nigeria stood as the second largest supplier of oil to India.
The bilateral cooperation in hydrocarbon sector will also enhance the partnership across sectors as investment capital from India can be secured in allied projects for development needs of African countries.
The conference is also seen as a platform for Indian oil companies to forge more and more partnerships with African countries.
The 4th India Africa Hydrocarbon Conference (IAHC) comes after the third Indo-African Summit held in New Delhi in October, 2015, where both the sides outlined key areas for cooperation with ‘energy security’ under major focus area.
