India, Syria sign oil exploration pact

January 14th, 2009 - 5:24 pm ICT by IANS  

New Delhi, Jan 14 (IANS) India and Syria Wednesday signed an agreement paving the way for ONGC Videsh, the foreign arm of upstream major Oil and Natural Gas Corp, to explore for oil and natural gas in Syria. The agreement was signed here by Petroleum Minister Murli Deora and Syrian Minister of Petroleum and Natural Resources Sufian Al Alaw on the sidelines of Petrotech India 2009, an international conference on oil and gas.

ONGC Videsh last year invested $2.1 billion for taking over Britain’s Imperial Energy that had oilfields in Russia. The company will invest another $600 million over the next two to three years to develop its Russian assets.

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