Oil hunt: India, China to join hands

The ministry of petroleum and natural gas is giving final touches to a strategy paper on India-China cooperation in the hydrocarbon sector. The essence of this paper is to encourage cooperation in place of competition between the two sides. #

With India and China being principal importing countries, both are pursuing similar policies and strategies at home and abroad to enhance their energy security over the next 20-30 years. However, competition between the two for acquiring same oil and gas fields abroad is leading to higher prices being demanded by owners of these properties.