India, China sign key MoU on oil & gas exploration

India and China today further cemented their friendship and strategic ties by inking a major pact envisaging joint exploration, production and acquisition of oil assets in third countries which could substantially reduce their energy costs.

“It is a historic moment for India-China relations,” Minister for Petroleum and Natural Gas Murli Deora said while disclosing that the two major oil consumers have recently concluded a joint bid in Columbia and Syria.
The Hindu