South Africa and India prepare draft cooperation agreement

Vol 6, PW 11 (31 Jul 02) News in Brief

Sometime end August oil minister Ram Naik is likely to lead a retinue of officials to South Africa to sign a hydrocarbon cooperation agreement.

PETROWATCH learns this issue topped the agenda during a 31st May meeting in Shastri Bhawan between Naik and his visiting South African counter part Phumzile Mlambo-Negeuka. Early July, Shastri Bhawan and South African officials put the finishing touches to a draft five-year agreement.

Once signed, it should see both countries develop joint projects in the areas of petrochemicals and petroleum products; gas and crude oil exploration and production; refining, storage, trading, transportation and distribution of petroleum products; building and maintenance of industrial facilities in the oil and gas sectors. The agreement will have a renewal option for successive five-year periods.