India mulls over energy investments with Kuwait

High-level talks also include labor laws.

Indian Prime Minister Manmohan Singh last week held extensive talks with his Kuwaiti counterpart, Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, on issues including cooperation in energy and investments. "Today, Kuwait is one of our most valued partners and a close friend in an important region of the world, which is critical for India s energy security, is among the biggest destinations for our exports and where more than seven million Indians work and earn their livelihoods," Singh said. Noting that Kuwait is the fourth largest supplier of crude oil to India, Singh said he and Prime Minister Sheikh discussed the development of a more strategic partnership in the energy sector through long-term supply contracts on mutually beneficial terms and the establishment of upstream and downstream joint ventures in the petroleum and petrochemical sectors. "India has proposed several specific projects for investments by the Kuwait Petroleum Corporation,” said Singh. With Kuwait possessing a US$350 billion sovereign wealth fund is increasing by US$25 million annually, India hopes the fund can be used towards investments in its industries.