BUSINESS

India to sign oil, gas MoU with Mozambique

Prime Minister Narendra Modi on Wednesday approved the signing of a memorandum of understanding with Mozambique for cooperation in the field of oil and gas. The MoU, approved by the Union Cabinet chaired by Mr. Modi, will facilitate oil and gas cooperation between India and Mozambique for five years. Offshore gas discoveries in two adjacent offshore blocks in 2010 have seen Mozambique emerge as a significant hydrocarbon rich nation.

The Southeast African country is strategically located near India and is suited for bringing natural gas to India at a market fixed price. — Special Correspondent

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