India, Romania to increase cooperation in hydrocarbon sector

India and Romania have agreed to enhance cooperation in the hydrocarbon sector, including exploitation of resources, and explore investment opportunities in IT, infrastructure and tourism sectors.

"... both sides agreed to encourage cooperation in upstream and downstream hydrocarbon sector, including in training, capacity building, R&D, supply of equipment for exploration and exploitation of hydrocarbon and other technical assistance," an official release said today.

Minister of Commerce and Industry Jyotiraditya Scindia, who is leading the 17th Joint Economic Committee (JEC) at Bucharest in Romania, urged the Indian industry to utilise the available opportunities in Europe for investments and cutting- edge technology ventures.

In a bilateral meeting with Romanian Minister for Economy, Trade and Business Environment Ion Ariton, Scindia expressed hope to double bilateral trade of USD 655.24 million by 2015, the release said.

The JEC which met after a hiatus of 8 years resolved to promote investments and JVs in areas of supply of equipment for metallurgy, energy, transport and infrastructure, it said.

Business delegates from diverse sectors like oil and natural gas, power equipment, IT, alternative energy, textiles and tourism are accompanying the Indian Minister.