Hydrocarbons Conference Current Affairs
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The fourth edition of India Africa Hydrocarbons Conference (IAHC) has begun on January 21, 2016 in New Delhi.
The two day conference aims at enhancing greater cooperation between India and African continent in the field of Hydrocarbons. It also seeks to explore opportunities, bridge boundaries and boost bilateral trade between India and Africa.
4th India Africa Hydrocarbons Conference (IAHC)
- 22 African nations have participated of which 9 are represented by their Ministers.
- These 9 countries are Morocco, Algeria, Liberia, Mauritius, South Sudan, Sudan, Tunisia, Equatorial Guinea and Senegal.
- Provide a global forum and common platform to African Countries to share their vision and chart out the road map for extended energy cooperation.
- Bring together African leaders in and also CEOs from India and abroad to exchange expert insights and develop strategies for enhancing energy cooperation.
India-Africa Relations for Energy Security
- India and African nations have common colonial past and enjoyed political and cultural ties. However, energy security stands as one of the major focus area of the bilateral ties.
- Presently, India is importing close to 75 per cent of its crude oil and is seeking to diversifying import basket to meet its energy requirements.
- Oil imports from Africa play a significant role in meeting the demands of India. In June 2015, Nigeria had stood as the second largest supplier of oil to India.
- Though Africa has huge hydrocarbon resources, it lacks capital, technology and ability, experience and manpower to exploit these resources for future growth.
- This can serve as the catalyst to encourage proper cooperation in the hydrocarbon energy sector as India can provide investment capital for development needs of African countries.