ONGC, Korean major may jointly bid for oil assets

New Delhi, Nov 23 | Updated: Nov 24 2005, 05:30am hrs
India will sign MoUs with Korea and another bilateral agreement with Turkey for enhancing cooperation in the hydrocarbons sector during the roundtable meeting of North and Central Asian oil producers with major Asian oil consumers.

The MoUs with Korea and Korean companies include those on hydrocarbon cooperation, strategic underground petroleum storage, technical collaboration on gas hydrates, hydrogen, CNG and fuel cells.

ONGC Videsh Ltd and Korea National Oil Company would sign an MoU for a strategic alliance, which would even lead to joint bidding of oil and gas assets in future.

The MoU with Turkey would cover wide-ranging cooperation in the hydrocarbons sector. Issues of bilateral importance would also be discussed on the sidelines of the one-day conference.

The conference will be chaired by petroleum minister Mani Shankar Aiyar and co-chaired by Russian energy minister V Kristenko. Energy ministers and representatives from Korea, Uzbekistan, Japan, Kazakhstan, Azerbaijan and Turkey would also take part in the meeting. China would be represented by its ambassador to India, Sun Yuxi.

Besides the ministers, officials of leading oil firms from Russia, Korea and other countries would also be visiting India for discussions on issues of bilateral importance.

The roundtable to be held in the Capital on November 25, as part of efforts to enhance energy dialogue among leading producers and consumers in the continent, follows the meeting in January this year where major Asian consumers met their counterparts from South East and West Asian oil producers.

The idea is to explore areas of common interest such as stability of oil prices, security and sustainability through interdependence and mutual cooperation, petroleum secretary SC Tripathi said.