India intends to invest in Azeri oil refineries

The meeting focused on discussion over prospects of close cooperation in industry and energy development, including oil extraction and refining.

Indian minister said his country has invested $5 billion in oil refining in a number of countries in Americas, Africa and Asia and invited Azerbaijan to cooperate with Indian companies in investment programs in these countries, noting Azerbaijan has great experience in oil development.

Shri Jairam Ramesh added that India is ready to invest in reconstruction of Azerbaijan's oil refineries to bring them in line with international standards.

He also said Indian companies want to participate in gas distribution network of Azerbaijan.

Azeri Minister said his country shows great interest in all-round cooperation and necessary projects should be identified by experts for implementation in the nearest future. APA-Economics