India woos South Korean oil cos

India on Monday invited South Korean oil companies to invest in the country's upstream and refining sector and also work jointly to explore opportunities in other countries.

"We have invited them to invest in India both in upstream and refining and especially in export-oriented refining. I have suggested that working together in India is perhaps the best way of establishing those contacts that will enable us to work together in third countries," Petroleum Minister Mani Shankar Aiyar told newspersons after an over hour-long meeting with South Korean Foreign Minister Ban Ki Moon in New Delhi.

"I have also brought to his notice that India is a growing market for energy. Korean oil and gas companies have a presence here as vendors and service providers.. whereas we really need them in the sector as investors and getting those investments into the country is going to be a major thrust area," he said.

He said South Korea had made investments and entered into contracts with companies that have resources located much closer to India than they are to Seoul.

"Whereas we have invested in Sakhalin for our share of gas ..maybe we could invest in areas that are closer to Korea like the eastern part of the Indonesian archipelago.. including Papua New Gunea and try and do a swap arrangement whereby what is available in Aceh (in Sumatra Island) which is nearer to India or what's available on their shore in Myanmar becomes available to us here," Aiyar said.