India, Turkey to cooperate in oil projects

India and Turkey on Thursday signed a cooperation agreement for bilateral oil exploration, refining and pipeline projects and in the third country, Indo- Asian News Service reported.

The agreement was signed in New Delhi between visiting Turkish Energy Minister Mehmep Hilmi Guller and Indian Petroleum Minister Mani Shankar Aiyar.

The India-Turkey trade is likely to rise to 2 billion US dollars by 2008 if cooperation is improved, said Guller, who is here to attend the second Asian Energy Roundtable on Friday. The bilateral trade topped 1 billion US dollars in 2004.

Oil companies from the two countries have started cooperation such as jointly developing two exploration blocks in Libya, said Aiyar.

"It should be possible for both countries to work together in downstream (refining) and also in pipeline projects," he said.

State-run Indian Oil Corporation also plans to sign a memorandum of understanding with Turkey's Callick Energy for cooperation in hydrocarbons.

Source: Xinhua

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