India, Vietnam sign energy cooperation accord

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NEW DELHI, Oct 12: India and Vietnam Wednesday signed an accord to promote oil exploration in Vietnamese waters, despite Hanoi's long-standing dispute with China over sovereignty of islands in the South China Sea. The agreement was signed in New Delhi after talks between Prime Minister Manmohan Singh and Vietnamese President Truong Tan Sang. The accord between India's state-owned Oil and Natural Gas Corp.'s foreign arm, OVL, and Vietnam's PetroVietnam included new investments and the exploration and supply of oil and gas to the two countries. China has grown more assertive in pressing its claims to much of the South China Sea, aided by a buildup of its navy. New Delhi has downplayed China's recent objections to the Indian company exploring for oil in Vietnamese waters. Vietnam's fast-growing economy, and its natural resources including oil and gas, are an attraction for India, which is seeking energy sources to fuel its economic boom. - Economic Times