Ecuador to allow Indian companies to explore for oil and gas

Jul 19, 2006 02:00 AM

Hydrocarbon-rich Ecuador agreed to allow Indian companies to explore oil and gas in that country and the two sides decided to sign two pacts in the sector.
The two countries signed four accords, including one on exemption of visa requirement for diplomatic and official passport holders.

During talks between Minister of State for External Affairs Anand Sharma and Ecuador Foreign Minister Francisco Carrion Mena, the two sides attached importance to cooperation in the oil and gas sector. They agreed to sign an MoU between the governments and another one between the oil and gas public sector companies.
The cooperation would include exchange of experiences, training and technical collaboration, a joint statement after the talks said.

The Indian side expressed interest of Indian companies in exploration and production of oil and gas in Ecuador. Ecuador welcomed it and agreed to facilitate the entry of Indian companies, it said.
Mena will meet Oil and Petroleum Minister Murli Deora to discuss cooperation in the hydrocarbon sector. The two sides also agreed to sign a bilateral agreement for protection and promotion of investments.

After the talks, the two sides signed an MoU on cooperation between foreign service institute and diplomatic academy of Ecuador and agreement for exemption of visa requirement for diplomatic and official passport holders.
An agreement on gainful employment of dependents of embassy staff was also signed as was a cultural agreement.

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