Financial Daily from THE HINDU group of publications
Saturday, Apr 22, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 22, 2006 |
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Corporate
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Alliances & Joint Ventures ONGC Videsh enters pact with Japan Oil Our Bureau
MR SUBIR RAHA
New Delhi , April 21 ONGC Videsh Ltd (OVL) and Japan Oil, Gas and Metals National Corporation (JOGMEC) today signed a memorandum of understanding for co-operation in the hydrocarbon sector. "The MoU provides for mutual collaboration for business opportunities in exploration and production and R&D activities relevant to the hydrocarbon sector. "It provides a framework for accelerating and widening cooperation in hydrocarbon sector including unconventional fuels, besides collaboration in E&P sector," an ONGC statement said here. The MoU was signed by the JOGMEC President, Mr Isao Kakefuda, and the OVL Managing Director, Mr R.S. Butola.
The concept
Mr Kakefuda said that by executing specific projects under the MoU with ONGC Videsh, JOGMEC would help provide Japanese private companies with a good business environment for their exploration and production activities in the hydrocarbon sector. The concept of the MoU is based upon the joint statement on mutual cooperation in the field of energy between Japan and India, executed in last September by the Ministry of Economy, Trade and Industry of Japan and the Ministry of Petroleum and Natural Gas of India. According to ONGC Chairman, Mr Subir Raha, the move is an important step towards promoting Japan-India ventures in the E&P sector in third countries, to promote energy security of the two countries, which are net importers of oil.
Gazprom ties
Meanwhile, the first meeting of the Joint Working Group of ONGC and JSC (Gazprom) took place earlier this week where the two sides reiterated agreement on mutual cooperation in Russia and India as well as in the oil and gas projects in West Asia, Asia, North Africa, South America and CIS. "The parties also agreed to form the working sub-groups on upstream activities; on oil and gas supplies to India and downstream activities; on scientific and technical cooperation including human resources and exchange of specialists," an ONGC release said. The next meeting of the Joint Working Group will take place in India in July. It may be recalled that the MoU between JSC (Gazprom) and ONGC was signed in Moscow in February 2005 between Mr Raha, and Mr A. B. Miller, CEO of Gazprom. In the agreement, the parties expressed their intention to co-operate in areas including creation of capacities for deep processing of natural gas, petroleum and other hydrocarbons in Russia, India and third countries, organisation of deliveries of produced petroleum and petrochemical products to the markets of Asia-Pacific and South Asia countries, first of all to India; and design, construction and operation of trunk pipelines and systems of underground storage of gas (USG) in India and third countries amongst others.
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