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Federal Petroleum Minister Mani
Shankar Aiyar said that India and
China signed a framework that would
allow state-owned oil and gas
companies can evolve and submit joint
bids for acquisition of assets
overseas. The two countries fought
bitterly to acquire oil fields in
Kazakhstan, Angola, and Nigeria with
only the seller benefiting from the
sale. The framework extended beyond
bidding for assets to joint
exploration for gas in each other's
potential spots, sharing of
information, oil recovery, refining,
marketing, transmission, and
trans-national pipeline construction.
He said that India is bidding for
hydrocarbon assets in 50 countries and
while competition between the two
cannot be ruled out, co-operation is
what is expected.
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