FUELLING COOPERATION

ONGC, Sinopec to meet this week

India, China may tie up to hunt oil and gas assets abroad >

NEW DELHI: After China's recent opposition to India’s oil and gas hunt in the South China sea, the stage is set for the two largest-growing economies of the world to join hands in their pursuit to acquire oil and gas assets abroad.

The government-run companies of India and China — ONGC Videsh Ltd (OVL) and Sinopec — are meeting this week to discuss possibilities of joining hands for pursuing global oil and gas opportunities, a petroleum ministry official told HT.

“Officials of ONGC Videsh are in Beijing to attend the shareholders meet of Mansarovar Energy Colombia — the first JV between India and China that jointly acquired the producing oil block in Colombia for $850 million in 2006 — and also to discuss further possibilities of joint acquisition of global oil and gas assets with Sinopec,” the official said.

The meeting assumes significance as it coincides with the visit of India’s external affairs minister, S M Krishna, who is currently in Beijing and his remarks that a new chapter will be added soon in the Sino-indian relations with bilateral trade crossing $100 billion by 2015.

“We continue to explore joint global opportunities,” said an official on ONGC’S board.

“OVL officials are in Beijing to attend the 5th annual shareholders’ meeting of Mansarovar Energy Colombia Ltd — a JV between OVL and SINOPEC — being held on February 9,” he said.