Oil and Natural Gas Corporation (ONGC) and China National Petroleum Corporation (CNPC) have signed a memorandum of understanding (MoU) for co-operation in the hydrocarbon sector.
The MoU was signed by Sudhir Vasudeva, Chairman and Managing Director of ONGC, and Jiang Jiemin, Chairman of CNPC, on Monday, according to an official statement here.
Crucial signpost
This MoU will be a crucial signpost for the economic powerhouses of India and China as both countries look to establish and consolidate their energy portfolios globally. The companies have already set up a robust co-operative relationship through their respective affiliates, mainly in the areas of upstream exploration and production business.
With this MoU, the companies have agreed to foster their co-operation, either directly or through their subsidiaries, by expanding co-operation in upstream E&P areas, refining or processing of crude oil and natural gas in mid-stream or down-stream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines.
The areas of co-operation would also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit, the statement said.
