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China in talks with India on oil co-operation

China has started talks with India on the possibility of joint oil and gas exploration and development, the China Daily newspaper reported on Thursday.

Three state oil companies, the China National Petroleum Corp, the China Petrochemical Corp (Sinopec) and the China National Offshore Oil Corp had expressed interest in oil and gas co-operation in India, the newspaper quoted Mohamed Asad Pathan, chairman of the Indian Oil Corporation, as saying.

Pathan, who is attending a World Petroleum Conference in Shanghai, said both countries recognised the need for co-operation as they were in dire need of oil, it said.

"The co-operation could range from upstream business, including exploration and production, to downstream business such as refineries and infrastructure," it quoted Pathan as saying.

"The co-operation is expected to be launched in both onshore and offshore areas," he added.

China and India, the world's most populous countries, import one-third and three-quarters respectively of the oil they consume, the newspaper said.

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