India and Guyana inked a pact to enhance cooperation in the hydrocarbon sector.
Union Cabinet approved the signing of the MoU between India and Guyana on cooperation in the hydrocarbon sector.
The MoU will be signed between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana.
The signing of the MoU will help to strengthen bilateral trade and foster investment in each other.
The MoU will cover the complete value chain of the hydrocarbon sector including the sourcing of crude oil from Guyana, participation of Indian companies in the Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude Oil refining, etc.
It will also allow Indian companies to participate in the E&P sector of Guyana.
The MoU will remain in force for five years and will be automatically renewed.
