New Delhi, June 16 (IANS) Indian and Kuwaiti energy companies are in talks for possible collaborations and joint ventures that should materialise soon, Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah said here Friday.

"There is potential for both private and government oil companies to participate in joint ventures in India. Some memorandums of understanding have already been signed for exploring opportunities in petrochemicals and refining here and in Kuwait," the minister told reporters.

Speaking on the sidelines of an industry meeting addressed by Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the energy minister said: "One of the Indian companies has won a bid together with a Kuwaiti company for greencut (refinery intermediate). This is the first India-Kuwaiti joint venture to have made a breakthrough in Kuwaiti downstream."

He said there were similar joint venture opportunities waiting to be explored in both countries.

A leading oil producer, Kuwait is planning major investments in the oil and petrochemical sectors. It plans to invest an estimated $100 billion over next 10 years, with around $64 billion in the energy sector alone.

Inviting Indian companies to explore opportunities either alone or together with their Kuwaiti counterparts, the minister said Kuwaiti companies too were exploring similar ventures in India.

He said initial talks have been held with Indian companies in a follow-up to the memorandums of understanding signed earlier this year for collaboration in both exploration and refining and petrochemical projects.

Kuwait is studying possibilities of taking stakes in some of the existing refineries and later in petrochemical plants in India.

On the exploration front in Kuwait, the minister indicated that there could be possibilities.

"Two companies have already qualified technically for exploration. They are partnering with all our engineering programmes. Indian companies have submitted tenders for infrastructure in movement of oil as part of our strategy for 2020," the minister said.

The two Indian companies, state-owned Indian Oil Corp (IndianOil) and Oil and Natural Gas Corp (ONGC), have asked the Indian government to seek the intervention of the emir.

They are part of an international consortium that includes British Petroleum (BP) and Occidental Petroleum Corp of the US, which has bid for development of four oilfields in north Kuwait

The final bids for the mega project for around 20 years are expected to be invited later this year.

Indian Oil Corp chairman and managing director S. Behuria said: "We have talked (with the Kuwaiti energy minister) about inviting investment in the Panipat naphtha cracker and the Paradip refinery projects. These are the two opportunities they can consider."