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August 4, 2001 		Feedback  
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Kuwait denies oil investment talks with India firms

Kuwait Oil Minister Adel al-Subaih denied remarks published on Saturday that his country was discussing possible Indian investment in a Kuwaiti oilfield.

"We in Kuwait have no knowledge about the subject that the Indian (petroleum) minister is talking about," al-Rai al-Aam newspaper quoted Subaih as saying.

Petroleum Minister Ram Naik on Thursday told the Parliament that Indian Oil Corp and Oil and Natural Gas Corp are teaming up to invest in a Kuwaiti oilfield and in an exploration block in the Gulf.

"Currently there are no negotiations with any of these parties," Subaih added.

Naik has said that the "likely investment in these ventures is yet to be finalised".

IOC is India's largest refining firm while ONGC is the country's biggest exploration and production company.

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