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Tuesday, April 22, 2008

India Looking At Israel For Oil Solutions?

India, a nation composed of over a billion people is trying to find ways of not only meeting its increasing energy demand (via oil), but also find a way to counter the rising cost of importing the stuff as well.

In order to help curb that demand, they are gazing towards the Israeli's in order to help them meet demand.

(Globes Online) The paper says, "India is gazing at Israel for a passage to energy security in the age of high oil prices, a move that will give Asia's fastest growing economy easy access to the abundant Russian, Caucasian and Central Asian crude as an alternative to volatile West Asian supplies but will perhaps also raise hackles of pro-Arab political elements at home." [...]

"The pipeline will also open an easier maritime door for oil from Algeria and Libya where India is pushing hard to get acreages and term supplies. The pipeline company executives told the ministry officials that using the Israeli link will also allow Indian refiners to use very large crude carriers and save in shipping costs. The majority of the Indian oil shipments now come in smaller vessels, classified as 'Suez Max', as they have to cross the Suez Canal which cannot take big carriers."

India is not the first company to consider going the "Israeli route," as Azerbaijan has also contacted Israel about doing something similar.

While the deal is still in its infancy, it should help strengthen the bond between the two countries, who already see each other as important allies residing in a rowdy eastern neighborhood.

(Image Credit: AP, via CNBC).

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