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Monday, 8 July, 2002, 11:23 GMT 12:23 UK Iraq and India ties warmed by oil = deals Mr Naik (left) and Mr Rasheed boosted trade ties Iraq and India have signed an agreement to boost trade ties, especially in = the oil sector.=20 Indian Oil Minister Ram Naik told a press conference that the Indian oil fi= rm Oil Natural Gas Corporation Limited (ONGC) would soon open offices in Ba= ghdad.=20 This will give a boost to the economic relations of the two countries=20 Amir Muhammed Rasheed Iraqi Oil Minister Mr Naik added, after meeting his Iraqi counterpart Amir = Muhammed Rasheed, that "work was progressing" on an ONGC oil concession in = southern Iraq.=20 Iraq has awarded Indian companies a number of contracts under the United Na= tions "oil-for-food" programme, in return for India's diplomatic support.=20 The programme allows Iraq to bypass sanctions imposed for its 1990 invasion= of Kuwait and use oil revenues to buy food and humanitarian goods.=20 The US has classified Iraq as a member of the "axis of evil" while it has s= trengthened relations with India to prosecute the war in Afghanistan.=20 'Strategic partner'=20 After meeting with Iraqi President Saddam Hussein on Saturday, Mr Naik said= that India opposed the sanctions on Iraq, and called for them to be ended = immediately.=20 India is a major supplier to Iraq under the "oil for food" programme Mr Rasheed described India as a "strategic partner".=20 "We have entered new projects in railways, oil and gas, health and industry= in addition to technical co-operation and this will give a boost to the ec= onomic relations of the two countries, which in consequence will be reflect= ed on the volume of trade exchange," Mr Rasheed said.=20 Under the agreement, India is to supply Iraq with medicine, wheat, rice, ra= ilway equipment and turbines for electricity generations.=20 Mr Rasheed said trade between Baghdad and New Delhi under an "oil-for-food"= deal with the UN had reached $1.1bn.=20 Expanding oil interests=20 Iraq, India and Algeria are "in the final stage" of a deal to start explori= ng and drilling the Tuba oil field between Zubair and Rumaila in the south = of the country.=20 "It is a consortium between Indian companies and the Algerian Sonatrach com= pany, and we hope to realise it by the end of summer," Mr Rasheed was quote= d as saying in the ruling Baath party's Al-Thawra newspaper.=20 The field was being developed by Iraq until the 1991 Gulf War, when storage= facilities were destroyed.=20 ONGC is awaiting approval from its board to invest approximately $63m in Ir= aq.=20 India, which imports more than two-thirds of its crude oil requirement, has= been seeking foreign sources as domestic output matures.=20 Last month it took over a concession in Sudan from Canadian oil company Tal= isman.=20 =20 --------------------------------- Relive the FIFA World Cup goals with exclusive video highlights! http://fifaworldcup.yahoo.com/fc/en --0-1066591278-1026236020=3D:68664 Content-Type: text/html; charset=3Diso-8859-1 Content-Transfer-Encoding: 8bit <P> <TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0 width=3D600> <TBODY> <TR> <TD></TD> <TD vAlign=3Dtop><!--NOLStoryBody--><SPAN class=3Ddate>Monday, 8 July, 2002= , 11:23 GMT 12:23 UK </SPAN> <DIV class=3Dheadlinestory><B>Iraq and India ties warmed by oil deals</B><B= R></DIV><FONT face=3Dsans-serif size=3D2><!-- NOLImage --> <DIV class=3Dinlineimage><IMG alt=3D"Indian Minister of Oil and Gas Ram Nai= k (left) and Iraqi Oil Minister Amir Mohammed Rasheed" border=3D0 height=3D= 180 src=3D"http://news.bbc.co.uk/media/images/38122000/jpg/_38122357_minist= ers-ap-300.jpg" width=3D315>=20 <DIV class=3Dcaption><SMALL>Mr Naik (left) and Mr Rasheed boosted trade tie= s</SMALL><BR></DIV></DIV><!-- /NOLImage --> <DIV class=3Dbodytext>Iraq and India have signed an agreement to boost trad= e ties, especially in the oil sector.=20 <P>Indian Oil Minister Ram Naik told a press conference that the Indian oil= firm Oil Natural Gas Corporation Limited (ONGC) would soon open offices in= Baghdad.=20 <P><!-- inlineBOX --></FONT> <TABLE align=3Dright bgColor=3D#ffffcc border=3D0 cellPadding=3D3 cellSpaci= ng=3D0 width=3D150><!-- inlineQUOTE --> <TBODY> <TR> <TD><IMG alt=3D"" border=3D0 height=3D18 src=3D"http://news.bbc.co.uk/furni= ture/startquote.gif" width=3D23 VALIGN=3D"TOP"><BR> <DIV class=3Dboxbody>This will give a boost to the economic relations of th= e two countries </DIV><IMG align=3Dright alt=3D"" border=3D0 height=3D18 sr= c=3D"http://news.bbc.co.uk/furniture/endquote.gif"; width=3D23 VALIGN=3D"ABS= BOTTOM"><BR clear=3Dall></TD></TR><!-- inlineNAME --> <TR> <TD bgColor=3D#cccc99> <DIV class=3Dboxhead>Amir Muhammed Rasheed<BR>Iraqi Oil Minister </DIV></TD= ></TR></TBODY></TABLE><FONT face=3Dsans-serif size=3D2>Mr Naik added, after= meeting his Iraqi counterpart Amir Muhammed Rasheed, that "work was progre= ssing" on an ONGC oil concession in southern Iraq.=20 <P>Iraq has awarded Indian companies a number of contracts under the United= Nations "oil-for-food" programme, in return for India's diplomatic support= .=20 <P>The programme allows Iraq to bypass sanctions imposed for its 1990 invas= ion of Kuwait and use oil revenues to buy food and humanitarian goods.=20 <P>The US has classified Iraq as a member of the "axis of evil" while it ha= s strengthened relations with India to prosecute the war in Afghanistan.=20 <P><B>'Strategic partner'</B>=20 <P>After meeting with Iraqi President Saddam Hussein on Saturday, Mr Naik s= aid that India opposed the sanctions on Iraq, and called for them to be end= ed immediately.=20 <P><!-- inlineIMAGE --></FONT> <TABLE align=3Dright border=3D0 cellPadding=3D3 cellSpacing=3D3 width=3D154= > <TBODY> <TR> <TD><FONT face=3Dsans-serif size=3D2> <DIV class=3Dinlineimage><IMG alt=3D"Unloading food in Iraq" border=3D0 hei= ght=3D180 src=3D"http://news.bbc.co.uk/media/images/38122000/jpg/_38122334_= food-afp-150.jpg" width=3D150>=20 <DIV class=3Dcaption><SMALL>India is a major supplier to Iraq under the "oi= l for food" programme</SMALL><BR></DIV></DIV></FONT></TD></TR></TBODY></TAB= LE><FONT face=3Dsans-serif size=3D2> <P>Mr Rasheed described India as a "strategic partner".=20 <P>"We have entered new projects in railways, oil and gas, health and indus= try in addition to technical co-operation and this will give a boost to the= economic relations of the two countries, which in consequence will be refl= ected on the volume of trade exchange," Mr Rasheed said.=20 <P>Under the agreement, India is to supply Iraq with medicine, wheat, rice,= railway equipment and turbines for electricity generations.=20 <P>Mr Rasheed said trade between Baghdad and New Delhi under an "oil-for-fo= od" deal with the UN had reached $1.1bn.=20 <P><B>Expanding oil interests</B>=20 <P>Iraq, India and Algeria are "in the final stage" of a deal to start expl= oring and drilling the Tuba oil field between Zubair and Rumaila in the sou= th of the country.=20 <P>"It is a consortium between Indian companies and the Algerian Sonatrach = company, and we hope to realise it by the end of summer," Mr Rasheed was qu= oted as saying in the ruling Baath party's Al-Thawra newspaper.=20 <P>The field was being developed by Iraq until the 1991 Gulf War, when stor= age facilities were destroyed.=20 <P>ONGC is awaiting approval from its board to invest approximately $63m in= Iraq.=20 <P>India, which imports more than two-thirds of its crude oil requirement, = has been seeking foreign sources as domestic output matures.=20 <P>Last month it took over a concession in Sudan from Canadian oil company = Talisman.=20 <P></P></DIV></FONT></TD> <TD><IMG alt=3D"" height=3D1 src=3D"http://news.bbc.co.uk/furniture/nothing= .gif" width=3D10></TD> <TD vAlign=3Dtop><FONT face=3Dsans-serif size=3D2> <DIV class=3Dpuffbox></DIV> <DIV class=3Drhslist> <DIV class=3Drhshead><BR></FONT> </DIV></DIV></TD></TR></TBODY></TABLE= > <TABLE border=3D0 cellPadding=3D0 cellSpacing=3D0> <TBODY> <TR> <TD width=3D105><IMG alt=3D"" height=3D1 src=3D"http://news.bbc.co.uk/furni= ture/nothing.gif" width=3D105></TD> <TD align=3Dleft><BR clear=3Dall></TD></TR></TBODY></TABLE></P><p><br><hr s= ize=3D1><b><a href=3Dhttp://uk.yahoo.com/mail/tagline_vip/=3Fhttp://fifawor= ldcup.yahoo.com/fc/en/spl>Relive the FIFA World Cup goals with exclusive vi= deo highlights!</a></b><br><br> <a href=3Dhttp://uk.yahoo.com/mail/tagline_fifa/=3Fhttp://fifaworldcup.yaho= o.com/fc/en>http://fifaworldcup.yahoo.com/fc/en</a> --0-1066591278-1026236020=3D:68664--
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