India and Mozambique have signed a memorandum of understanding (MoU) for cooperation in the oil and gas sector for a period of five years, the petroleum ministry has said in a statement. The MoU was signed at a meeting between Petroleum Minister Dharmendra Pradhan and Mozambique´s Minister of Foreign Affairs Oldemiro Julio Marques Baloi. Indian public sector companies have participating interest in Mozambique´s gas fields. ´Both the countries have traditional links which have grown from strength to strength over the years,´ Pradhan told the visiting foreign dignitary, the statement said. The Union Cabinet on October 29 has approved the MoU between both countries. It seeks cooperation in oil and gas in both upstream and downstream sectors in the areas of enhancing capacity-building, forging closer cooperation between research and training centres and intensifying technology transfer, among others. ´Mozambique is strategically located near India and is ideally suited for bringing natural gas to India at market-determined price. Participation of Indian energy companies in the project will facilitate access to LNG for the growing Indian gas market,´ the Cabinet approval read.
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