India, Venezuela decided to explore new areas of cooperation

[Judi Lynn]

India, Venezuela decided to explore new areas of cooperation
By PTI | 20 Dec, 2013, 08.45PM IST

NEW DELHI: India and hydrocarbon-rich Venezuela today held wide-ranging discussions on further enhancing cooperation in diverse sectors including trade, investment, oil exploration and information technology and decided to explore new areas of cooperation.

In their talks, External Affairs Minister Salman Khurshid and Venezuela's Minister of Popular Power for Foreign Relations Elias Jaua Milano decided to explore new areas of cooperation besides boosting trade and investment.
Venezuela is India's largest trading partner in Latin America and supplies crude oil to India. The volume of bilateral trade between the two countries was $ 14.35 billion in 2012-13.

"The entire gamut of bilateral relations besides various regional and multilateral issues were discussed in the meeting," Khurshid told reporters.

India's exports to the country include chemicals, textiles and engineering products such as scooters, equipment and machinery. The Indian pharma in Latin America and supplies crude oil to India. The volume of bilateral trade between the two countries was $ 14.35 billion in 2012-13.

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http://economictimes.indiatimes.com/articleshow/27690056.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[Judi Lynn]

1. Venezuela, India agree to build naphtha production unit

Venezuela, India agree to build naphtha production unit
CARACAS Fri Dec 20, 2013 4:38pm EST

Dec 20 (Reuters) - Venezuela and India have agreed to build a naphtha production unit in the South American OPEC nation in the latest sign of widening energy ties between the two countries, Venezuela's foreign minister said on Friday.

Foreign Minister Elias Jaua did not give further details about the deal, nor the size of the proposed unit. Several big Indian energy firms, including Reliance Industries, already work with Venezuela's state oil company PDVSA.

In brief comments carried by Venezuelan state TV, Jaua said the unit would be built in the Orinoco extra heavy oil belt. The naphtha, a liquid mixture of hydrocarbons, would then be mixed with the area's tar-like crude to produce lighter oil for export.

"These are joint investments aimed at producing the fuel, the primary material, required for the energy that India needs for its impressive industrial, scientific and technological development," Jaua said.

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http://www.reuters.com/article/2013/12/20/venezuela-india-naphtha-idUSL2N0JZ1VC20131220?rpc=401&feedType=RSS&feedName=rbssIndustryMaterialsUtilitiesNews&rpc=401