India, Angola to speed up petroleum sector cooperation

Sunday, October 31, 2010

NEW DELHI - Petroleum Minister Murli Deora and his Angolan counterpart Jose Maria Botelho de Vasconcelos Sunday agreed to sign a memorium of understanding (MoU) that will speed up cooperation between the two countries in the hydrocarbon sector.

Deora sought more crude oil supply from the African nation on term contract at the bilateral meeting, which the Angolan minister agreed to consider, a statement released by the petroleum and natural gas ministry said.

“The Indian side also expressed its interest in pursuing investments in the upstream projects,” the statement said.

It stated that public sector companies, led by ONGC Videsh Ltd (OVL), are looking forward to the forthcoming round of exploration blocks, along with bilateral projects.

Indian Oil Corporation is also exploring the possibility of participating in refinery projects, the statement added.

India also expressed interest in sourcing liquefied natural gas (LNG) from Angola.

GAIL and Petronet LNG Ltd would hold discussions with Angolan companies to explore possibilities. India has also offered training facilities to the oil personnel of Angola.

After the bilateral meeting, Deora inaugurated the 2010 Petrotech Exhibition, showcasing the latest technology of both Indian and international oil and gas companies.

The minister was accompanied by Minister of State for Petroleum Jitin Prasad and visiting ministers from Angola and Sudan.

Filed under: Economy

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