India offers Azerbaijan to form joint venture

"Indian companies remained uninvolved in the developing oil sector of Azerbaijan except for Baku-Tbilisi-Ceyhan pipeline that delivers the Caspian Sea oil reserves to the world market. We want to set up a joint venture for exploration and exploitation of the Caspian resources," he added.

He said India has investment stake in oil and gas sector of 15 countries, adding that Indian companies intend to build their presence in gas distribution, mining, textile, pharmaceutical, ICT sectors of Azerbaijan, APA-Economics reports.