Business & Economy

Cabinet clears MoU between India, Mozambique for cooperation in oil, gas

NetIndian News Network

New Delhi, October 29, 2014

The Union Cabinet today gave its approval for signing of a memorandum of understanding (MoU) for cooperation in the field of oil and gas between India and Mozambique for a period of five years. 
An official press release said offshore gas discoveries in 2010 in two adjacent offshore blocks have seen the emergence of Mozambique as a significant hydrocarbon rich nation. 
Mozambique is strategically located near India and is ideally suited for bringing natural gas to India at market determined price. Participation of Indian energy companies in the project will facilitate access to LNG for the growing Indian gas market, it said.
The MoU seeks cooperation in the areas of upstream and downstream oil and gas sector; encourage and promote trade and investment between the parties or through their affiliated companies; promote dialogue and consultations among all concernedparties with regard to sharing of information; enhance capacity-building, including forging closer cooperation between research and training centers and intensifying technology transfer, conduct of applied research and development activities andinstallation of demonstration facilities. 
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