China and India have agreed to hold the seventh round of border talks in New Delhi in late February.

This was announced after visiting Indian Foreign Secretary Shyam Saran met with Chinese Deputy Foreign Minister Dai Bingguo for the two-day second round of strategic talks in Beijing, which concluded yesterday.

Foreign Ministry spokesman Kong Quan said at yesterday's news conference that the two sides are committed to settling the disputes considering the current aim of developing friendly relations.

Kong also announced India's Oil Minister Mani Shankar Aiyar will pay a three-day visit to Beijing starting today.

Invited by the National Development and Reform Commission, Aiyar is scheduled to hold talks with officials from the commission and China's energy enterprises in order to reinforce energy ties.

Ahead of his trip, Aiyar said India and China will jointly bid for, explore and produce energy under an agreement to be signed this week.

At least five agreements will be signed between companies of the two countries, with seven more agreements likely to be finalized during his visit.

"In all spheres of energy development, there is a great deal we could learn from China and perhaps something we could give them," Aiyar said.

The agreements provide for cooperation in exploration, production, storage and stockpiling, research and development and conservation, the Indian petroleum ministry said in a statement.

On Monday, Chinese oil company CNOOC Ltd. said it bought a 45 percent stake in a Nigerian oil field after India's biggest oil company, state-owned Oil & Natural Gas Corp., backed out despite a winning bid. CNOOC paid US$2.3 billion (euro1.9 billion) for the stake.

Aiyar refused to state the reasons for India's decision to withdraw, although media reports say the Indian Cabinet opposed the deal, saying it wasn't commercially viable.

"This visit is the opening of a new chapter in our relationship ... it will lead to new levels of understanding," Aiyar told reporters.

Aiyar said the engagement would also help structure an oil and oil products market and possibly help bring down prices in Asia, the world's largest producer of oil and gas and the fastest growing consumer.

Aiyar said he was also open to discussing a pipeline project connecting India and China, a suggestion he has made in the past.

"This relationship is not only desirable but also feasible. On several occasions we find ourselves competing with Chinese firms," he said. He added that India and China still might compete, but without "destructive competition."

Source: China Daily/AP