1St Venezuela-India Round-table in Caracas

(Energy Analytics Institute, Ian Silverman, 7.Oct.2013) – The 1st Business Round-table meetings between Venezuelan and Indian companies took place in Caracas from October 7-9, 2013.

Highlights from the round-table follow:

Venezuelan Oil Minister Rafael Ramirez addressed opening ceremony:

  • Venezuelan-India create working tables to collaborate on development of the six topics/areas: 1. The Orinoco Heavy Oil Belt, 2. Gas offshore and onshore, 3. Refining, petrochemicals and commercialization & supply, 4. Engineering and construction, 5. Procurement of goods and services, and 6. Technology interchange.
  • Indian Cos. participating in 1st Venezuela-India Business Roundtable include: Engineers’ India Limited, Essar, Hpcl-Mittal Energy Ltd (HMEL), Indian Oil Corporation (IOC), Oil India Ltd (OIL), ONGC VIDESH (OVL), Reliance Industries Ltd (RIL) and Larsen & Toubro Ltd.
  • Ramirez hopes that Indian cos. visiting country can sign agreements sooner, rather than later.
  • Venezuela-India to discuss business and partnership opportunities over the next 6 months.
  • India cos. have technology to develop Venezuela’s oil reserves in the Orinoco Heavy Oil Belt, Ramirez says. As such, Venezuela is in discussions with Indian cos. for participation in new refinery projects, Ramirez says.
  • Venezuela looking to create JVs with Indian cos. to build oil tankers, Ramirez says.
  • Venezuela looks to expand petrochemical sector with the assistance of Indian cos.

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