PM Modi, PM Dung welcome ONGC-PetroVeitnam MoU

Prime Minister Narendra Modi and Vietnamese Prime Minister Nguyen Tan Dung, in a joint statement during the latter's two-day state visit, on Tuesday welcomed the signing of the memorandum of understanding (MoU) between the Oil and Natural Gas Corporation (ONGC) Videsh Limited and PetroVietnam.

The MoU, which was signed earlier on Tuesday, signifies the strengthening of the partnership between India and Vietnam in the energy sector and will pave the way for future collaborations between the two nations in this area.

In their statement, Prime Minister Modi and Prime Minister Dung welcomed the signing of the MoU between the two oil and natural gas companies, adding that this memorandum will be essential for the exploration of new oil and gas projects in Vietnam. Prime Minister Dung further welcomed Indian oil and gas companies to explore new opportunities in midstream and downstream activities in the oil and gas sector in Vietnam.

Prime Minister Modi and Prime Minister Dung reiterated their desire and determination to work together to maintain peace, stability, growth and prosperity in Asia and beyond. They agreed that freedom of navigation and overflight in the South China Sea should not be impeded and called the parties concerned to exercise restraint, avoid threat or use of force and resolve disputes through peaceful means in accordance with universally recognized principles of international law, including the UNCLOS-1982.

The two leaders also welcomed the collective commitment of the concerned parties to abide by and implement the 2002 Declaration on the Conduct of Parties in the South China Sea and to work towards the adoption of a Code of Conduct in the South China Sea on the basis of consensus. They called for cooperation in ensuring security of sea-lanes, maritime safety and security, combating piracy and conducting search and rescue operations.

Prime Minister Dung is on a two-day state visit to India. During his visit, the leader witnessed the signing of seven agreements and memorandums of understanding (MoUs) between the two nations.

On Tuesday evening, he will attend a banquet hosted by Prime Minister Modi before departing.