Indian Oil Corporation Ltd (IndianOil) has inked a memorandum of understanding with Sinopec, a major integrated National Oil Company (NOC) of China, for hydrocarbon cooperation. The Minister of Petroleum and Natural Gas, Murli Deora, who is currently on a visit to Beijing to attend the Ministerial Roundtable of Energy Ministers of India, US, China, Japan and Republic of Korea, said that the signing of this MoU will be mutually beneficial to both the companies and countries.
The MoU was signed in Beijing on Thursday. The MoU will facilitate enhanced cooperation in refinery and petrochemicals sector, thereby giving a fillip to IndianOil, which has entered the petrochemical business. The MoU was signed by B. M. Bansal, Director (Planning & Business Development), IndianOil, and Chen Qi, Director General, Sinopec.
According to an official statement, the other areas of cooperation in the MoU include international trade, exploration and production activities in third countries, collaboration in engineering and technical services, exchange of knowledge/technology in operations, refinery optimisation and training.
IndianOil also held discussions with Sinochem, another large NOC of China, with which it has an existing MoU for cooperation in international trade matters.
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Sarthak Behuria, Chairman, IndianOil, and Liu Deshu, President, Sinochem, spontaneously agreed that cooperation should be expanded to include collaboration in the areas of overseas E&P activities, Petrochemicals and Chemicals. Director, Planning & Business Development of IndianOil, will be holding follow up meetings with officials concerned of Sinochem to draw out the broad framework of cooperation in the above areas.
The Petroleum Minister also held wide-ranging discussions with the Minister of Industries & Resources of Republic of Korea, Chung Sye Kyun, on Friday for further accelerating cooperation between Indian and South Korea in the hydrocarbon sector. While expressing satisfaction over growing cooperation, the Minister said that there is a need for the corporate entities of two countries to further coordinate and collaborate in oil and gas projects in the two countries as well as in third countries.
Deora expressed hope that the memorandum of cooperation between KNOC and Oil Industry Development Board (OIDB) for assistance to India to set up its strategic crude oil storage facilities would be implemented expeditiously.
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