MoU Oil and Gas with Liberia
Memorandum of Understanding
Between
The Ministry of Petroleum and Natural Gas of the Republic of India
And
The Ministry of Lands, Mines and Energy of the Republic of Liberia
on Cooperation in the field of oil and gas
The Ministry of Petroleum and Natural Gas of the Republic of India and the Ministry of Lands, Mines and Energy of the Republic of Liberia (hereinafter referred to as "the Parties");
ACKNOWLEDGING the desire on part of both countries to raise bilateral relationship to a higher level;
NOTING the opportunities for enhanced economic and commercial cooperation between both countries, particularly in the oil and gas sector;
RECOGNIZING the importance and benefits from long-term cooperative relationship and joint economic projects for the mutual benefit of their people;
DESIRING to broaden and deepen further the friendly relations and mutually beneficial links between the two countries;
PURSUANT to the prevailing laws and regulations of their respective countries;
HAVE REACHED the following understandings:
Article 1
Objective
The objective of this Memorandum of Understanding (MoU) is to establish a cooperative institutional framework to facilitate and to enhance bilateral cooperation in the oil and gas sector, on the basis of equality and mutual benefit.
Article 2
Areas of Cooperation
1. The Parties will cooperate with an objective to enhance and build enduring ties in the oil and gas sector in conformity with their domestic laws, and regulations. The areas of cooperation between the Parties may include, but not limited to the following areas:
a) Cooperation in the areas of upstream and downstream activities and infrastructure;
b) Encourage and promote trade and investment between the parties or through their affiliated companies;
c) Promote dialogue and consultations among all concerned parties with regard to sharing of information;
d) Enhance capacity-building cooperation including forging closer cooperation between research and training centers and intensifying mutual visits among officials;
e) Technology transfer, conduct of applied research and development activities and installation of demonstration facilities; and
f) Other areas as may be agreed upon by the Parties.
2. Implementation of the above areas shall be discussed further by the Parties.
Article 3
Executing Agency
Executing Agencies for this cooperation will be:
1. For the Ministry of Petroleum and Natural Gas of the Republic of India:Minister of State for Petroleum and Natural Gas.
2. For the Ministry of Lands, Mines and Energy of the Republic of Liberia:Minister of Lands, Mines and Energy.
Article 4
Intellectual Property Rights
1. Each Party shall protect, within its territory, Intellectual Property Rights of the other party in accordance with the domestic law in force in their respective country.
2. In case a specific arrangement, program or project may result in intellectual property, the Parties shall include separate arrangement in accordance with their respective regulations.
3. The confidentiality of data and information shall be protected. It shall not be shared with third parties without approval from the Party that provided the information.
Article 5
Joint Working Group
1. For the purpose of discussions and implementation of various issues pertaining to this MoU, the Parties may set up a Joint Working Group.
2. The Joint Working Group, consisting of representatives of the Parties, may meet periodically on mutually determined dates by the Parties alternately in India and Liberia. Each Party will cover the expenses relating to its participation in the meeting of the Joint Working Group.
Article 6
Amendment
This MoU may be amended by mutual written consent of the Parties, specifying the date of entry into force of such amendments.
Article 7
Settlement of Differences
Any differences arising in relation to the interpretation, implementation or application of this MoU shall be settled amicably by consultation or negotiation on the basis of mutual understanding and goodwill between the Parties.
Article 8
Entry into Force, Duration and Termination
1. This MoU shall enter into force on the day of its signing and shall remain in force for 5 (five) years unless either Party gives notice, in writing, to the other Party of its intention to terminate this MoU, with 90 days prior notice. The MoU may be renewed with the mutual consent of the Parties in writing.
2. The termination of this MoU shall not affect the completion of cooperation activities initiated, while this MoU is in effect, unless otherwise mutually determined in writing by the Parties.
IN WITNESS WHEREOF, the undersigned duly authorized thereto, by their respective Governments have signed the MoU.
Signed at New Delhi on 11th September, 2013 in two originals each in Hindi and English languages, all texts being equally authentic. In the event of a dispute in the interpretation of this MoU then the English version shall prevail.
|
Ministry of Petroleum & Natural Gas of the Republic of India |
Ministry of Lands, Mines and Energy of the Republic of Liberia
|
|
(Panabaka Lakshmi) Minister of State for Petroleum and Natural Gas |
(Patrick Sendolo) Minister of Lands, Mines and Energy |