With spiraling global crude oil prices hitting the economies of oil-importing developing countries, India on Tuesday said it would “relentlessly” explore ways of sourcing energy from abroad for attaining energy security.

External Affairs Minister Pranab Mukherjee said the newly created Energy Security Unit in the ministry of external affairs would maintain close coordination with other ministries concerned as well as public and private corporate entities to support their international engagement through appropriate diplomatic intervention.

Overseas assets

Opening the India-Africa Hydrocarbon Conference jointly held by the Ministry of Petroleum and Natural Gas and FICCI here, Mr Mukherjee said: “The task of investing in overseas energy assets has become an important aspect of our economic diplomacy.

In addition, the possibility of bilateral cooperation in the downstream sectors, petrochemicals, non-conventional energy and joint ventures are constantly being explored with various resource-rich countries.”

India, he said, was increasingly looking at taking forward its partnership with Africa as the country was a natural market for Africa’s rich hydrocarbon resources.

Prospects for cooperation with African nations have received a boost with a surge in investments by Indian companies in countries such as Libya, Sudan, Nigeria, Egypt and Gabon over the past few years, Mr Mukherjee said.