(Business Line) – Mr Veerappa Moily, Indian Petroleum and Natural Gas Minister, urged Kazakhstan to support ONGC Videsh Ltd’s move to buy the ConocoPhillips participation in Kashagan oil field.

While addressing the 10^th meeting of the India-Kazakhstan Inter-Governmental Commission, Mr Moily said:

OVL and ConocoPhilips have signed an agreement for purchase of the share of ConocoPhillips in Kashagan oil field. We hope that OVL’s proposal to buy ConocoPhillips stake of 8.4% in the Kashagan oil field would be favourably considered by consortium partners and the Government of Kazakhstan.

He emphasized also the need to streamline shipping facilities between India and Kazakhstan. Currently, most of the trade is taking place through European and Chinese ports because of the problems associated with transportation via Iranian ports. He added:

There are problems not only because of the sanctions by Western countries but also because of delays and excessive checking at the customs checkpoints on several borders during transit. The transportation route via China is also not convenient because of congestion at Chinese ports. We request for early convening of the JWG on transportation.