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Commodity Online

NEW DELHI: The state run oil and natural gas utility ONGC and Petrobras, Oil major of Brazil have set up an arrangement for working together in exploration and production of hydrocarbons in India and Brazil.

In a meeting here with Brazilian Minister for Development, Industry and Foreign Trade, Miguel Jorge and Murli Deora, the Minister of Petroleum and Natural Gas, said, India and Brazil to further enhance cooperation between the two countries specially in the oil and gas sector.

To a suggestion by Brazilian Minister to enhance ethanol blending Deora informed that government has already decided to endeavour blending ethanol with petrol at 10 percent against 5 percent being blended at present.

The two Ministers expressed satisfaction at the efforts being made to take forward cooperation between the two leading developing countries which are emerging as major economic powers.