Kazakhstan and India are exploring joint projects

ASTANA - India and Kazakhstan are considering various mining, oil and gas projects, paving the way for bilateral agreements to be signed during Indian Prime Minister Narendra Modi's visit to the country in early July.

For this purpose, an interdepartmental working group was created. Joint projects may include the exploration and production of iron ore, coal and potash fertilizers, as well as joint ventures with government support to expand existing production or create new projects related to mineral resources, energy, pharmaceuticals and construction. India currently imports about 5 million tonnes of potassium chloride per year. The state-owned National Mineral Development Corporation of India (NMDC) is awaiting joint ventures.

At the meeting of the India-Kazakhstan intergovernmental commission on trade, economic and scientific-technical, industrial and cultural cooperation, the intention was confirmed to promote mutual growth and development of industry, as well as further economic partnership. Two more statements on investments in exploration and transit were made at the intergovernmental meeting of the commission.

ONGC Videsh Limited, a subsidiary of the State Oil and Gas Corporation of India (ONGC), intends to invest $ 400 million in exploration in Kazakhstan. The money will be used to support the exploration of Kazakhstan's oil-rich North Caspian, said Narendra Kumar Verma, managing director of ONGC Videsh. The company will also contribute $ 80 million as a one-off fee for KazMunayGas exploration drilling, which will begin next month.

Countries are also exploring the possibility of transporting raw materials. Indian Petroleum Minister Dharmendra Pradhan said the country will conduct a feasibility study for the import of oil and gas from Kazakhstan via a pipeline or in the form of liquefied natural gas on ships. Hydrocarbons can be delivered to Iran via the Caspian Sea and transported throughout the country through a pipeline.

"With the opening of rail links between Iran, Turkmenistan and Kazakhstan, we will explore the possibility of this route as a link to the International North-South Transport Corridor (INSTC)," Pradhan said. "We will work within a joint research group, considering the possibility of a comprehensive economic partnership agreement between India and the Eurasian Economic Union, of which Kazakhstan is a member," Pradhan said.