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India, China ink MoU on oil exploration

New Delhi, December 17
India and China today signed a Memorandum of Understanding for strategic cooperation in oil exploration and production (E&P) activities in other countries. The MoU was signed by Petroleum Minister Murli Deora and National Development and Reform Commission (NDRC) of China Chairman Ma Kai at Beijing.

Mr Deora expressed hope that this important MoU will give a fillip to joint E&P efforts and pave way for the oil companies of India and China to successfully bid for overseas assets. "Such cooperation is significant and mutually beneficial as both countries are facing increasing hydrocarbon requirements to fuel their rapidly expanding economies," an official release said. — PTI