The Prime Minister, Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.
The proposed MoU covers the complete value chain of hydrocarbon sector including sourcing of crude oil from Guyana, participation of Indian companies in Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude oil refining, capacity building, strengthening bilateral trade, collaboration in natural gas sector, collaboration in developing regulatory policy framework in oil & gas sector in Guyana; cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy etc.
The MoU on cooperation in hydrocarbon sector with Guyana will strengthen bilateral trade, foster investment in each other countries and help diversifying source of crude oil, thus augmenting the energy & supply security of the country.
