Chindia Energy Bloc Rising
Another year, another Chinese-Indian ‘memorandum of understanding’ on energy agreed this week. The two nations previously penned an agreement on upstream exploration and pipelines in 2006. Neither side took it seriously. Discrete blocs in Sudan, Iran, Ecuador and Syria were the only assets put on the collective table, China had far bigger fish to fry (and buy) elsewhere. So you’d be forgiven for thinking the latest copy/paste ‘Memorandum for Enhancing Cooperation in the Field of Oil and Natural Gas’ will be another non-starter between India’s ONGC and China’s CNPC, but ‘fundamentals’ suggest otherwise. This one might actually have some significance.