The Union Cabinet led by Prime Minister Narendra Modi on 27 September 2017 gave its ex-post facto approval for a Memorandum of Understanding (MoU) signed between India and Belarus in the oil and gas sector.
The agreement was signed on 12 September 2017 following delegation-level talks between Indian Prime Minister Narendra Modi and visiting Belarus President Aleksander Grigoryevich Lukashenko in New Delhi.
The MoU is one among the ten agreements signed between the two nations. It was signed between M/o Petroleum & Natural Gas of the Republic of India and Belarusian State Concern of Oil and Chemistry.
Key Objectives
• The agreement will mainly promote bilateral relationship between India and Belarus.
• It is envisaged to enhance the economic and commercial cooperation between the two sides in oil and natural gas sector.
• It will enable both sides to work towards establishing cooperation in the areas of upstream and downstream activities, capacity building, technology transfer, enhanced oil recovery and development of mature fields in India.
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The agreement will remain in force for three years from the day of its signing.
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