OVL short-listed to bid for contracts in Iraq; Greater cooperation in the oil and gas sector with Brazil and Saudi Arabia in store
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  • The overseas arm of Oil and Natural Gas Corporation, ONGC Videsh Limited (OVL) has been shortlisted as one of the 35 firms qualified to bid for oil and gas contracts in Iraq to develop one of the world's largest oil fields. While OVL was the only Indian company to have been short-listed, four Chinese firms - CNOOC, CNPC, Sinochem and Sinopec Group and seven energy majors from US were also short-listed1.

    India was also gearing towards firming cooperation with Brazil and Saudi Arabia in the coming months. India and Brazil on their part would sign a memorandum of understanding (MoU) to further strengthen ties in the energy sector during the ongoing visit of President Pratibha Patil. The agreement would foster greater cooperation between oil companies of the two countries in all areas including research and development2.

    Reports also noted the impending increase in the level of engagement with Riyadh. EAM Pranab Mukherjee is to meet his Saudi counterpart Saud Al Faisal during a forthcoming two-day visit. His visit will be followed by the visit of deputy Chairman of the Planning Commission Montek Singh Aluwalia and a visit by the Vice-Chief of Army staff early next month. The cycle of talks is likely to culminate in the visit to the kingdom by Prime Minister Manmohan Singh later in the year. Reports noted that collaboration in oil exploration, refineries, and storage facilities would be the focus of the negotiations3

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