China spews fire at India-Vietnam E&P pact ///

ONGC Videsh Ltd. (OVL), the overseas arm of India’s state-run oil major Oil and Natural Gas Corp., entered a historic cooperation agreement Oct. 12 with PetroVietnam, the national oil company of the Socialist Republic of Vietnam. The contract, signed by PetroVietnam Chairman Phung Dinh Thuc and OVL CEO and Managing Director D. K. Sarraf in the presence of Vietnamese President Truong Tan Sang and the Indian Prime Minister Manmohan Singh, marked a new high point in relations between these two countries, but has raised the ire of Vietnam’s neighbor China, which claims almost all of the South China Sea and resents the increased presence of another giant energy-consuming nation in its backyard.

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