Indian PM Okays Israeli Oil, Gas MoU
India's cabinet chaired by prime minister Narendra Modi has approved a memorandum of understanding (MoU) with Israel on co-operation in the oil and gas sector, the Indian government said January 3.
“The MoU is expected to provide impetus to India - Israel ties in the energy sector. The co-operation envisaged under the agreement will facilitate promotion of investments in each other's countries, technology transfer, R&D, conducting joint studies, capacity building of human resources and collaboration in the area of start-ups,” the government said.
The decision came days ahead of Israeli prime minister Benjamin Netanyahu's four-day visit to India starting January 14. The Modi government is seeking stronger economic ties with Israel which was demonstrated during Modi’s historic visit to the Middle Eastern nation in June last year. Modi's visit was the first by a sitting Indian premier to the country.