India-Colombia Agreement Looks to Hydrocarbon and Mining Projects

BANGALORE, INDIA--September 15, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--In a move to strengthen its presence in the global oil and gas industry, India signed a memorandum of understanding with Colombia, the world's fifth largest oil-producing country, to enable bilateral cooperation in the hydrocarbon sector. The memorandum of understanding will act as a framework for a partnership across the entire spectrum of hydrocarbons, especially in the areas of oil and gas exploration and manufacturing, human resources and training exchange for technicians and professionals. As the first step toward enhancing cooperation, the countries will set up a joint working group in the hydrocarbon sector. India first ventured into Colombia's oil production industry in 2006 through a joint venture between ONGC Videsh Limited (OVL), a subsidiary of Oil & Natural Gas Corporation Limited (BOM:500312) (New Delhi), and Sinopec (NYSE:SNP) (Beijing).

Other companies featured: Reliance Industries Limited (BOM:500325), GAIL (India) Limited (BOM:532155)