Angola and India sign agreement to enhance fuel sector cooperation

1 November 2010

New Delhi, 1 Nov – Indian Oil Minister Murli Deora and his Angolan counterpart Jose Maria Botelho de Vasconcelos signed on Sunday a memorandum of understanding meant to enhance bilateral cooperation in the hydrocarbons area.

A joint communiqué indicates that the Indian side is interested in investing increasing amounts in the oil sector.

Various Indian public companies headed by ONGC Videsh Lta (OVL) are interested in participating in upcoming oil auctions in Angola.

The note distributed after the meeting states that the Indian Oil Corporation is studying the possibility of taking part in oil and gas refinery projects in Angola.

In the wake of the document signed by Angola and India two of India’s biggest energy companies will begin making contacts with Angolan companies. (macauhub)