The Hindu Business Line : India, Korea sign 6 MoUs

These include an umbrella agreement on hydrocarbon cooperation between India and Korea, strategic underground petroleum storage facility, gas hydrate related technical collaboration, MoU on hydrogen and compressed natural gas (CNG), hydrogen and fuel cell, and on establishment of strategic alliance.

The hydrocarbon cooperation agreement was signed by the Petroleum Minister, Mr Mani Shankar Aiyar, and the visiting Korean Minister for Industry and Energy, Mr Hee Beom Lee.

It was agreed that a joint working group would be established between the two countries to coordinate the various activities of cooperation that include areas such as exchange and training of scientific and technical personnel, and exchange of scientific and technological available information and data for the sector, an official statement said.

The MoU on establishment of strategic alliance was signed between the Managing Director, ONGC Videsh Ltd, Mr R.S. Butola and Vice-President, KNOC, Mr Jin Seok Kim. Both the parties have stated their desire to cooperate in the oil and gas sector for mutual benefits, the official statement said. The interests include desire to utilise spare tankage capacity in the KNOC system in Korea by OVL, sharing of strategic stockpile procedures and optimisation programmes.

The two also showed interest in establishing a joint venture in the event that a joint working group between the two sides finds commercially feasible business in KNOC's desires to purchase 50 per cent of OVL's total entitlement directly from OVL, cooperation in exploration and production projects in India and third countries on a non-exclusive basis. The MoU also includes cooperation between both sides in development of new technologies in the hydrocarbon sector.

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