Colombia - Ecuador - Costa Rica

Indian investments

El Universal, 4 July 2008

The Ambassador of India to Colombia Mr. Deepak Bhojwani announced that Indian investors will make investments of 5 billion dollars in the next few years.

The investments will focus on exploration and exploitation of iron, coal, ferronickel and other minerals.

Bhojwani, who attends the IV International Congress of Mining, Petroleum and Gas in Cartagena, said that ONGC, the Indian State oil company, as well as the private company, Reliance International, are making important investments in Colombia both in the Pacific and the Caribbean, and expect to win the tenders to be floated by the National Agency of Hydrocarbons for exploration and exploitation of three or four blocks of heavy crude in the eastern plains.

“ONGC, the Indian State oil company, has defined Colombia as an important destination for hydrocarbons investment and has already invested in Colombia more than US $ 500 million through OVL in exploration and exploitation activities. On the other hand, Reliance expects to invest US $ 50 million in the next 2 years”, he said.

The Ambassador also said that ONGC is present in Colombia in the joint venture, Mansarovar Energy, which is producing 25 thousand barrels of crude per day and as OVL of India that has bidded and won three blocks of gas in the Caribbean coast.

The congress will close today at 5 pm today, with President Álvaro Uribe Vélez attending the closing ceremony at the Hilton Hotel.