India offers to invest in Bangladesh, Sri Lanka oil sectors

India has offered to invest in Bangladesh and Sri Lanka for oil exploration and extraction.

During a meeting with the Bangladesh officials, the Indian government representatives said that with the commissioning of the Paradip refinery, it would once again be in a position to export petroleum products to the neighbouring country.

India has also expressed interest in setting up of marketing infrastructure in Bangladesh. Officials have also asked Bangladesh to consider allowing the transit of LPG to India’s northeastern region through its territory.

India said that its PSUs were interested in participating in petroleum sector of Bangladesh, including in exploration, refinery expansion and related PMC works.

According to Indian officials, they have informed the investment proposals of Indian Oil Companies (IOC) in Bangladesh and sought their cooperation for their early implementation.

Meanwhile, petroleum minister Dharmendra Pradhan in a seperate meeting with Sri Lankan deputy minister of petroleum resources development discussed the issues of expansion of activities of Lanka IOC, including in the retail business, bunkering and marketing of ATF and LPG. Lanka IOC is a subsidiary of Indian Oil Corporation.

Mr Pradhan expressed India’s interest in establishing refinery and bunkering operations in Sri Lanka.