India, Russia oil companies agree to expand mutual cooperation
India’s premier oil company, Oil and Natural Gas Corporation (ONGC), and Russia’s Gazprom agreed to expand mutual cooperation in the hydrocarbon and power sector.A protocol agreement signed during the second meeting of their Joint Working Group in Goa Thursday envisages cooperation in exploration and exploitation of oil and gas fields in India, Russia and third countries, midstream and downstream oil and gas projects in India and Russia, LNG supplies to India and CNG-related projects in India, said a release issued by ONGC here on Friday.
The parties discussed prospects of the Indo-Russian cooperation in the energy sector and reconfirmed their mutual intention to widen the scope of long-term relations between Gazprom and ONGC.
It was agreed to extend the MoU between ONGC and Gazprom for another two years.
Gazprom invited ONGC to participate in eight projects in Russia including oil and gas projects in eastern Siberia and the Far East.
ONGC in turn extended an invitation to Gazprom for participation in integrated petrochemical, LNG and power projects in India.
The parties also exchanged views on joint possibilities in third countries including Qatar, Myanmar, Libya, Vietnam, Cuba and the CIS.
The agreement on technical and scientific cooperation, exchange of specialists, staff training was be signed by the parties shortly.
It was also agreed to hold the next meeting of their Joint Working Group in Russia in July 2007.
IRNA.ir