Wednesday, July 2, 2008

India and Cuba finalise Hydrocarbon agreement

by Ed Roberts

India and Cuba have signed an agreement for cooperation in the oil and gas sector.

The agreement called ‘India Cuba Hydrocarbon Agreement’ was signed in Madrid on Tuesday, in the presence of the Indian Minister of Petroleum and Natural Gas, Mr. Murli Deora, and his counterpart from Cuba, Ms Yadira Garcia Vera, Minister of Basic Industry.

The meeting between the two ministers was held in Madrid, Spain, on the occasion of the 19th World Petroleum Congress.

ONGC Videsh Limited (OVL), the overseas investment arm of India’s ONGC already has a presence in Cuba.

The Indian company has acquired interests in 9 exploration blocks in Cuba, including 100% in two blocks in 2006.

 

 

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