INDIA AND IRAN SIGN MOU FOR COOPERATION IN HYDROCARBON SECTOR

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A Memorandum of Understanding (MoU) on Cooperation in Hydrocarbon Sector between India and Iran was signed here today by Dr. Kamal Kharrazi, Iranian Foreign Minister and Shri Ram Naik, Minister of Petroleum and Natural Gas. The MoU has been finalized in the background of significant potential for cooperation between the two countries in the Hydrocarbon sector; the recent agreement for Farsi Block by ONGC Videsh Consortium in December 2002, being an example of the possibilities

The MoU seeks to establish a framework for cooperation in specific areas of Hydrocarbon Sector, ranging from Exploration and Production, Supply of Hydrocarbons, both oil and gas, services sector, R&D sector etc. The cooperation will be established through activities such as exchange of information in a number of areas and commercial aspects like joint participation, imports of oil and gas and investment in Iran and India. A Joint Working Group will be set up to implement MoU.

To give a further impetus, a visit in the near future to Iran by Shri Ram Naik, Minister for Petroleum and Natural Gas has been envisaged. It is expected that by signing of this MoU, setting up of the Joint Working Group and the Ministerial Visit, the cooperation in Hydrocarbon Sector between the two countries will be catalyzed and accelerated and the significant potential for mutual economic development will be realized.