Energy minister hails 'long standing' UAE-India oil and gas cooperation

New Delhi: Asian oil markets are witnessing a significant growth that qualifies them to play an important role in the supply-demand equilibrium, UAE Minister of Energy Suhail bin Mohammed Faraj Faris Al Mazrouei has said. Speaking at the11th International PETROTECH-2014 Conference, currently held in New Delhi, Al Mazrouei said the UAE and India enjoy a historic and long standing cooperation in oil and gas, dating back to 1975 when the first supply agreement was signed with the Indian Oil Corporation. He also said the UAE had invested around 70 billion US dollars to increase oil production capacity to 3.5 million barrels per day by 2017. Al Mazrouei met at the conference's sidelines with the Dr. Veerappa Moily, Minister of Petroleum and Natural Gas and with other Indian officials and discussed with them means to boost cooperation in energy fields. - Emirates News Agency, WAM