ONGC Videsh Ltd, the overseas arm of state-run ONGC Ltd, has expressed interest for bidding in the fourth licensing round for seven offshore and one onshore oil and gas blocks in Tanzania.
This was finalised in a bilateral meeting between D Purandeswari, minister of state for commerce and industry, and Abdallah O Kigoda, industry and trade minister of Tanzania at Dar-es-Salaam on Wednesday.
"Tanzania has appreciated the various initiatives taken by India for setting up infrastructure projects in Tanzania, namely 200 MW gas-based Combined Cycle Power Project, Wind Power Project and the Dry Port Project. India, on the other hand, has agreed to cooperate with Tanzania for rehabilitation and modernization of the Tanzania Railway system," a commerce ministry statement said.
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Both the sides further agreed to double the volume of bilateral trade in the next two years and to reduce the trade imbalance, which is currently in favour of India. The volume of bilateral trade in 2012 was $2.12 billion.