India, Angola sign deal for hydrocarbon sector

November 2nd, 2010 - 8:40 pm ICT by IANS  

New Delhi, Nov 2 (IANS) India and the African state of Angola Tuesday signed an agreement in the hydrocarbon sector, which will increase the supply of crude and allow increased investment by Indian firms.

A memorandum of understanding was signed here by Minister of Petroleum and Natural Gas Murli Deora and visiting Angolan Petroleum Minister Jose Maria Botelho.

A joint working group will be set up to implement the provisions of the agreement, a press release said.

State-run Oil and Natural Gas Corporation’s overseas exploration arm, ONGC Videsh Limited, has been offered exploration and production of hydrocarbon reserves in onshore and offshore blocks in Angola.

India, which has developed one of the world’s largest downstream processing capacity, will help Angola in development of refining and natural gas infrastructure. Angolan technical personnel will also be offered training in natural gas and crude oil refining.

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