India, Kazakhstan to deepen ties in oil, gas sector

New Delhi, Sep 20 () India and

Kazakhstan

today discussed deepening cooperation in oil and gas sector as well as expanding the

International North-South Transport Corridor

by linking it to the

Kazakhstan-Turkmenistan-Iran

rail link. Oil Minister

Dharmendra Pradhan-led

a delegation to

Astana

for the

India-Kazakhstan Inter-Governmental Commission

(

IGC

), which is co-chaired by

Kazakh Energy

Minister

Kanat Bozumbayev

. During the meeting, the two discussed "ideas for stepping up the cooperation in energy sector, trade, economic, investment, transport and connectivity, agriculture, information technology, space, healthcare and cultural spheres between the two countries", an official statement said here. The two sides discussed "the possibilities of expanding cooperation in exploration and production of hydrocarbons and investments in infrastructure projects in oil and gas sector".

ONGC Videsh Ltd

owns a 25 per cent stake in the

Satpayev

oilfield in the

Caspian Sea

. In the nuclear energy sector, the two sides agreed to work on application of nuclear science in the areas of health and agriculture. "They explored possibility of expanding the International North-South Transport Corridor (INSTC) by linking it to the Kazakhstan-Turkmenistan-Iran rail link," it said. INSTC is a 7,200-km-long multi-mode network of ship, rail and road route for moving freight between India, Russia,

Iran

, Europe and

Central Asia

. The route primarily involves moving freight from India, Iran, Azerbaijan and

Russia

via ship, rail and road. India and Kazakh also agreed to develop and deepen bilateral relations in the field of agriculture, mining and civil aviation sector. Kazakhstan is strategically located between Europe and Asia and offers enormous business opportunities for investments. The country is rich in mineral resources, such as uranium, oil and natural gas. "Both leaders agreed to collaborate in the oil and gas sector for mutual benefit and further strengthen the engagement by addressing issues of concerns to Indian investors, particularly in Kazakh hydrocarbon sector," the statement said. Bozumbayev invited Indian investments in various sectors particularly in the hydrocarbon sector, infrastructure, peaceful use of nuclear energy, co-production of films, cooperation in food processing and Information Technology. Both sides exchanged lists containing priority export items, the statement said without elaborating. ANZ BAL