India and China signed a memorandum of understanding (MoU) for cooperation in the hydrocarbon sector.
The MoU signed between Indian Oil Corporation (IOC) and Chinese petroleum major Sinopec. It will facilitate and enhanced cooperation in refinery and Petrochemicals sector, thereby giving a fillip to IOC, which is on the threshold of entering the petrochemical sector in a big way.
Other areas of cooperation include international trade, E&P activities in third countries, collaboration in engineering and technical services, exchange of knowledge/technology in operations, refinery optimisation and training, a government release stated.
The MoU was signed during the ongoing visit of Petroleum Minister Murli Deora to Beijing for attending a meeting with energy ministers of other major oil importing countries - US, China, Japan and Korea.
Deora is accompanied by a high-powered delegation comprising petroleum secretary MS Srinivasan, IOC chairman S Behuria and ONGC Videsh Ltd managing director RS Butola.
The MoU was signed by BM Bansal, Director (business development) of IOC and Chen Qi, Director-General, Sinopec, in the presence of Behuria.
IOC is the leading refining and marketing oil PSU along with interests both in petrochemical and exploration and production while, Sinopec is a major integrated National Oil Company of China.
Bansal would hold follow up meetings with concerned officials of Sinochem to draw out the broad framework of cooperation in the above areas. IOC also held discussions with Chinese national oil firm Sinochem on expanding the existing MoU for cooperation in international trade.