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5 June 2015

Belorusneft to start geologic exploration of oil fields in India

MINSK, 4 June (BelTA) – The Belarusian industrial group Belorusneft and Oil India Ltd have signed a memorandum of understanding on cooperation in the area of geologic exploration of oil fields in India. The document was signed during the Belarusian-Indian business forum on 4 June, BelTA has learned.

"In the area of petrochemical industry a memorandum of understanding is being signed by Belorusneft and Oil India Ltd with a view to performing geologic exploration of oil fields in India," Chairman of the Belarusian Chamber of Commerce and Industry Mikhail Myatlikov told mass media.

The Belarusian company Gomselmash and DVR Infratech Private Limited signed a memorandum of understanding within the framework of the business forum. The possibility of organizing the assembly-based production of Belarusian vehicles at premises of the Indian enterprise was discussed.

The Belarusian national electrical company Belenergo and Bharat Heavy Electricals Limited (BHEL) signed a memorandum of understanding on cooperation in the area of power engineering. Belarusian MTZ and International Tractors Limited signed an agreement on cooperation.

Earlier OAO BATE, the managing company of the holding company Autocomponents, and ZF Steering Gear (India) Ltd signed a memorandum of cooperation in the sphere of investments.

The Belarusian-Indian business forum gathered about 100 people, including over 40 representatives of business circles of India. As part of the event a commemorative sign dedicated to cooperation of Belarusian and Indian specialists in reconstructing Grodno cogeneration plant No. 2 was unveiled.

A presentation of Belarus' investment opportunities, mechanisms of export lending, insurance, and leasing for the sake of exporting Belarusian products to India was arranged.