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India, Romania to explore opportunities in oil & gas sector

New Delhi, March 31, 2005

During 28th of March and 1st of April, 2004, a high official-cum-business delegation led by Cristian Istodorescu, Director General, Ministry of Economy and Commerce, Romania, paid a visit to India. The visit has been organized by the Embassy of Romania in New Delhi, Romanian Trade Commission in Mumbai and Romanian Trade Promotion Center, Bucharest. The delegation which also included representatives of the Romanian oil and gas companies had meetings with officials from ONGC, IOC, GAIL and EIL.

The delegation attended to the inter-session consultations prior to the 17th session of the Indo-Romanian joint commission for economic, technical and scientific cooperation. The main purpose of the visit was to better understand and explore new business opportunities in the oil and gas sector between the two countries. Romania has considerable expertise in oil exploration, drilling and refining of petroleum and therefore is interested in cooperating with the Indian companies in this sector. FICCI and CII organized seminars where the Romanian and Indian companies signed agreements for cooperation and business contracts.

An invitation has been extended to the Indian Minister for Oil and Gas, Mr. Mani Shankar Aiyar to visit Bucharest in April or May this year. The two countries are currently negotiating a memorandum of understanding in the field of oil and gas.

The visit will contribute to the cooperation in the field of oil and gas and to the current sustainable increase of the bilateral trade, which reached 265 million dollars in 2004 (100% more than in 2003).

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