(EnergyAsia, June 25 2012, Monday) — Two leading state oil and gas companies of India and China have signed a landmark memorandum of understanding (MoU) to cooperate in upstream and downstream projects around the world.

India’s ONGC said its chairman and managing director, Sudhir Vasudeva, and China National Petroleum Corporation’s (CNPC) chairman, Jiang Jiemin, signed the MOU in New Delhi last week.

ONGC said: “With this MoU, the companies have agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream E&P areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines.

“The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally.”

The companies have already established cooperation in Syria, Sudan and Myanmar where ONGC’s subsidiary OVL and CNPC are active investors in its oil and gas development.