New Delhi: India and China yesterday (Dec 17, 2006) signed a Memorandum of Understanding for strategic cooperation in oil exploration and production activities in third countries.

The MoU was signed by Petroleum Minister Murli Deora and National Development and Reform Commission (NDRC) of China Chairman Ma Kai at Beijing.

Deora expressed the hope that this important MoU will give a fillip to joint E&P efforts and pave way for the oil companies of India and China to successfully bid for overseas assets.

"Such cooperation is significant and mutually beneficial as both countries are facing increasing hydrocarbon requirements to fuel their rapidly expanding economies," an official release said.

Deora was accompanied by Petroleum Secretary M S Srinivasan, OVL Managing Director R S Butola, Joint Secretary (refineries) Prabh Das and other government officials.

Deora is on a visit to Beijing for attending a meeting with energy ministers of other major oil importing countries - US, China, Japan and Korea.