Qatar inks oil and gas pact with India

Qatar has signed an agreement with India that will see the two countries co-operate on oil and gas production, the Gulf state’s government news agency reported. The deal was among six agreements made during Qatari ruler HH Emir Sheikh Hamad bin Khalifa Al Thani’s official visit to India, where he held talks with Prime Minister Manmohan Singh. Qatar is currently the largest provider of liquefied natural gas (LNG) to India, which imports 7.5m tonnes per year from the gas-rich Gulf nation. India is also a major importer of Qatari oil, purchasing 5.6m tonnes in 2010 and 2011. Qatar holds the planet’s third largest gas reserves behind Russia and Iran. The country has an export capacity of approximately 77m tonnes per year. During Shekh Al Thani’s visit, Qatar and India also signed agreements relating to tourism, education exchanges and co-operation over legal issues. The Qatari ruler previously visited India in May 2005 and since then India’s bilateral trade with Qatar has grown four-fold from US$1.2bn in 2005 to US$4.6bn in 2010. Officials have also reported that the Qatar Investment Authority, the state’s sovereign wealth fund, has been looking for investment opportunities in India.