The Union Cabinet chaired by the Prime Minister, Narendra Modi, gave its approval on October 29th, 2014 for signing of a Memorandum of Understanding (MoU). The MOU is for cooperation in the field of oil and gas between India and Mozambique for a period of five years. Mozambique is strategically located near India and is ideally suited for bringing natural gas to India at market determined price. The participation of Indian energy companies in the offshore gas discoveries project will facilitate access to LNG for the growing Indian gas market.