Enthused by the successful implementation of Oman-India fertiliser project, Oman is keen on stepping up investment in India in oil and gas, petrochemicals and manufacturing.
The country, which is interested in participating in the privatisation of oil PSUs in India, has however, not bid for Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd.
"We have very long friendly relations with India. We are keen on investing in the country and keep looking at new opportunities. We are watching the privatisation process and may look into it when something attractive comes by," Oman Minister for Commerce and Industry Maqbool Sultan told PTI in Muscat.
While Oman Oil holds about two per cent stake in the Bina Refinery project, it has not bid for HPCL and BPCL and also kept away from the divestment of IPCL.
Pointing out that the Omani companies had made investments in various sectors like pharmaceuticals, IT and manufacturing, he said the country wanted to take it further.
"We not only want the Indian companies to share their expertise in these areas, especially IT, the government is also keen that the Omani companies invest in these sectors in the country," he said.
Referring to the gas pipeline project, which had been put on the backburner due to technical reasons, Sultan said Oman would be happy if it was re-looked at by India.
Fertilisers and Chemicals Minister S S Dhindsa, after the foundation laying ceremony of the $968 million dollar Oman-India fertiliser project on Wednesday, had said that the government might reconsider the project.
The fertiliser project, owned 50 per cent by Oman Oil company and 25 per cent each by fertiliser majors IFFCO and KRIBHCO, will produce 1,652 million tonnes of granulated urea and 0.248 million tonnes per annum of ammonia.
India has entered into a 15-year agreement for buying back the complete urea production at a fixed rate, while surplus ammonia will be supplied to IFFCO.
As part of their agreement, IFFCO has also begun training Omani nationals for working at the project and the first batch of about 39 workers is being currently trained at their plant.
The OMIFCO plant, being built by a joint venture of Snamprogetti of Italy and Technip Coflexip of France under a lumpsum turnkey engineering, procurement and construction contract, is scheduled to be completed by 2005.
The Indian engineering and construction major Larsen & Toubro is also one of the lead suppliers to the project.
