New Delhi, June 15 (IANS) Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah Thursday indicated substantially increasing crude supplies to India over the next four years even as investments opportunities in existing refineries in India are being scouted.

"Kuwait is planning to raise crude oil supplies to India to 300,000 barrels per day (BPD) by 2010 from the existing 270,000 BPD," Al-Sabah told reporters here.

Currently, of the crude oil being imported by India from Kuwait, 230,000 BPD is under term contract.

The minister said Kuwait is looking for opportunities to make investments in existing refineries in India and had signed two agreements in January with state-owned Indian Oil Corporation and one private refinery.

"We want to upgrade existing refineries in India so that they can have secured supplies of investment and crude."

He said as the demand for crude oil in India is growing the fastest after China, it would need to have secured supply of oil.

The minister indicated that once the refinery investments are worked out, Kuwait might study opportunities in petrochemicals also.

Al-Sabah is here with Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, who is on a four-nation tour, including Bangladesh, Thailand, India and Pakistan.

He invited Indian companies to study possibilities of joining Kuwait in its fourth refinery project which is under planning.

He said that up to 40 percent participation would be allowed in the new refinery which will have capacity for 600,000 BPD and it is targeted to be ready by 2010-11.

He expressed hope that the downtrend in oil prices witnessed this week would continue and global prices would stabilise between $65 and $70 per barrel.

Al-Sabah indicated that $45-55 per barrel would be an acceptable stable price.

"I think fair oil price is that which is acceptable to both producers and consumers."

"While world economy is healthy we are worried about the developing economy (which are vulnerable to high oil prices

He said Kuwait is pumping maximum oil to help maintain stable oil prices which is in tune with the philosophy of Oil Producing and Exploring Countries (OPEC).