New Delhi, Aug. 16 (Reuters): Indian and Chinese oil firms will sign agreements aimed at bidding jointly for foreign oil and gas projects and reducing cut-throat competition, Talmiz Ahmad, the head of oil ministry's international division, said.

The energy-hungry Asian giants, which have stretched global supplies and contributed to the record rise in oil prices, are competing for stakes in foreign oil and gas projects to secure supplies.

Indian firms will sign separate memoranda of understanding with Sinopec Corp, China National Petroleum Corp and CNOOC, Ahmad said. “They have given a very specific and strong commitment for cooperation,” Ahmad said after a visit to China.