New Delhi, Sep 4 (IANS) Oman's Commerce and Industry Minister Maqbool Ali Sultan Monday urged Indian industry to look at diverse opportunities in the Gulf country while indicating that Omani companies too are studying investment openings in India.

Highlighting possibilities in tourism, health, technical education and industrial projects particularly in the upcoming Oman's Salalah Free Zone and Sohar Port, Maqbool sought specific joint venture proposals.

"Governments (of both countries) need to have commitment for cooperation. We would like specific joint venture proposals and like to know what the Oman government needs to do to realise these proposals," he said during an interaction organised by the Confederation of Indian Industry (CII).

Maqbool, who is leading a 14-member official delegation to attend the India-Oman Joint Commission meet here Tuesday, is accompanied by an 18-member business mission that includes several Indians who have invested in Oman and are keen to promote bilateral trade and investment flow.

Citing the $1 billion Oman-India Fertiliser Company (Omifco) as a cornerstone of joint venture between the two countries that has helped Oman to raise its exports from $64 million in 2000 to $366 million in 2005 under the Indian commitment to buy the total production from the plant, the minister said there are possibilities of other similar ventures.

Oman exports to India have considerably bridged the trade imbalance with imports from India constituting $397 million in 2005, up from $164 million in 2000.

"We are interested in expansion of the Omifco project but it depends on the availability of gas," Maqbool said.

Stating that Oman currently has no spare capacity for supply of liquefied natural gas (LNG) to India out of its 9 million tonnes annual production, he said if at any time it becomes available, India's demand would be considered favourably.

On investment plans in India, the minister revealed that Oman Oil Company is in talks with Bharat Petroleum Company for possible increase in stake in the long delayed 6 million tonnes Bharat Oman refinery project at Bina in Madhya Pradesh.

State-owned Oman Oil Company currently holds three percent stake in Bharat Oman Refineries Ltd. The refinery is slated for completion in 2009.

"We are in discussions with BPCL for possible increase in stake and will be holding talks with them during the visit to Mumbai Wednesday," the minister said.

Highlighting the attraction of Salalah Free Zone, the first project of its kind in Oman that is being set up under a royal decree issued in June this year, he said its location is ideal being strategically located on Indian Ocean and suitable for traffic going east or west and being next door to a container port.

Though operations have started barely three months back, Salalah Free Zone is already seeing considerable investment flow with some Indian companies like TVS Motor firming plans to set up manufacturing unit there, a senior Omani official said.

In Sohar Port, Oman is looking for downstream investments using feedstock from the new oil refinery, aluminium smelter and other projects already in operations there.

On the proposed India-GCC (six nation Gulf Cooperation Council) Free Trade Agreement, Maqbool said that with the WTO talks not making much progress the FTA would bring greater benefit to not only the Gulf countries but also India.

"We want to stress on the need for fast track, particularly with the problems we are having with WTO. So FTA can be more important," he said.

The third round of India-GCC meet is expected in March 2007.