Vienna: India's Petroleum and Natural Gas Minister Dharmendra Pradhan on Wednesday met his Kuwati and Russian counterparts here to discuss fostering cooperation on the oil and gas front.
"Met oil minister of Kuwait Ali Saleh Al-Omair; agreed to move from a buyer-seller relation to energy partnership," tweeted Pradhan, who is attending the Sixth OPEC International Seminar held here.
He also met Russian Energy Minister Alexander Novak.
"Had a productive meeting with Russian energy minister Alexander Novak; we agreed to enhance oil and gas cooperation," he tweeted.
In his address at the seminar, Pradhan invited foreign investment and cooperation in the hydrocarbon sector in India.
"I am inviting all the countries to come forward to invest in investment friendly environment in India in all streams of oil and gas sector. We are also developing Strategic Petroleum Reserve, new LNG terminals, refining and petro-chemical complexes where foreign investment or partnership will be most welcome," he told his counterparts from OPEC nations.
Pradhan said that his country has identified hydrocarbon sector as one of the 25 priority areas under the 'Make in India' campaign.
According to the International Energy Agency estimates, India will need investments worth nearly $600 billion during 2011-2030 across various segments in the hydrocarbon chain to increase energy supply and improve infrastructure.
"This provides ample opportunities for companies across the hydrocarbon value chain," said Pradhan.
The minister said his government is bringing in transparent and investor-friendly regime and is committed to reforms and other "bold measures for ease of doing business for domestic as well as foreign entrepreneur in all sectors".
Pradhan said India is presently ranked among the world's fastest growing economies and it will remain so for years to come.
"There is a need for greater dialogue and cooperation between buyer-seller nations to ensure sustainable development. Global partnership between buyer and seller nations would ensure stability, security and sustainability through mutual inter-dependence," he said at the meeting.