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India to step up ties with Azerbaijan

Special Correspondent

Cooperation in several areas including oil and gas

NEW DELHI: India and Azerbaijan have agreed to cooperate in several areas including oil and gas with the corporate sector set to play a greater role.

This was the result of a meeting between the President of Azerbaijan, Ilham Aliyev and visiting Minister of State for Commerce Jairam Ramesh at Baku last week.

Mr. Aliyev had agreed to the Oil & Natural Gas Commission (ONGC) Videsh and its Azerbaijani counterpart, the SOCAR, starting talks for cooperation in the hydrocarbon sector.

Investment

The ONGC Videsh had already invested close to $5 billion in 15 countries around the world, half in Russia alone.

Mr. Ramesh offered the Gas Authority of India Ltd.,'s (GAIL) expertise in gas-based petrochemicals and city-gas distribution and also briefed him of India's interest in exploring for gold.

The MMTC and the National Mineral Development Corporation will work with their Azerbaijani counterparts to identify specific areas, where prospecting and appraisal work can be undertaken.

Mr. Ramesh had signed an agreement for the setting up of a Joint Inter-governmental Commission on Trade, Investment and Economic Cooperation.

The pact is expected to provide a fillip to commercial and cultural exchanges. India has also offered technical assistance to Azerbaijan to facilitate its entry into the WTO.

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