GAIL (India) Ltd has signed of a Memorandum of Understanding (MoU) with State Oil Company of Republic of Azerbaijan (SOCAR).
As part of the MoU, the two companies will jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally.
Both SOCAR and GAIL will also cooperate in optimising LNG marketing, sourcing and shipping requirements.
The two companies will also pursue business opportunities in upstream assets across the world and joint investment in petrochemical projects.
Chairman and Managing Director of GAIL, B. C. Tripathi, said: “We are happy to enter into this strategic relationship with SOCAR. Skills and strengths of both the parties would be leveraged to explore business opportunities jointly in natural gas and LNG business including new business developments across the gas value chain.”
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03112014/gail-and-socar-enter-mou-1719/