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IOC and Trinidad co in 50-50 venture for refinery operations

Prime Minister Atal Bihari Vajpayee said that in the hydro-carbon sector, Indian Oil Corporation and Trinidad and Tobago companies are examining collaboration to optimise operation of refineries and to develop a safe and economical product transportation and distribution system.

Speaking in Port of Spain on the eve of G-15 summit, Vajpayee said that co-operation in the fields in which agreements were signed has proceeded well.

Significantly, Trinidad, which will be the world's largest natural gas producer by year 2005, has entered into an agreement with Indian Oil Corporation.

The memorandum of understanding signed between IOC and a Trinidad company for a 50-50 venture, will also examine economies of refineries and strengthening of the distribution set-up. Presently, IOC is engaged in the marketing of lubricants and distribution of gas.

India is also helping Trinidad in low-cost housing construction sectors and small-scale industries promotion.

UNI

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