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Lloyds List: Shell teams up with ONGC

Martyn Wingrove

SHELL and Oil ' Natural Gas Corp have signed a co-operation agreement covering up and downstream projects, mostly in India.

The two companies are looking at future projects right through the energy value chain to develop together under their memorandum of understanding.

ONGC chairman Subir Raha and Shell India chairman Vikram Singh Mehta signed the agreements in front of India's Minister of Petroleum, Shri Mani Shankar Aiyar.

The agreement covers exploration and production of hydrocarbons and distribution of natural gas and oil products. It will also look into refining, petrochemicals and coal gasification.

It gives Shell greater access to Indian projects and ONGC opportunities outside the country.

There will be a joint steering committee to manage co-operation and identify investment opportunities that can be moved into binding agreements.

'By combining the strengths, knowledge and experiences of both companies, we can create a partnership that will become a competitive and dynamic force in the industry,' said Mr Raha.

On the upstream side of the industry, the steering committee will look at opportunities for raising production from existing fields and jointly bidding in future exploration rounds.

Downstream, the committee could recommend a long term oil products supply arrangement and jointly operating terminals and depots.

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