Oil India Limited (OIL) and Gazprom International have signed a Memorandum of Understanding (MoU) for the joint pursuit of global exploration activities. Through the agreement, OIL and Gazprom will work together in upstream oil and gas exploration, as well as collaborate on LNG.
The agreement also provides both companies with an option for technical association. Any area or project of common interest would also be covered under the purview of the MoU.
OIL Chairman and Managing Director, S. K. Srivastava and Gazprom International Managing Director, Valery Goulev signed the MoU. Officials from both companies were present during the signing ceremony in Moscow.
OIL and Gazprom have complementary strengths and advantages, and with a view to synergizing the respective strengths there is huge scope for mutual cooperation considering the strength and business needs.
Commenting on the cooperation, Srivastava said: “This is a very strong association and we should take advantage of leveraging each other’s strengths. Our countries have a history of close cooperation and very good relations and I sincerely hope that our partnership will grow from strength to strength and yield results in the shortest time possible.”
Gazprom is the only producer and exporter of LNG in Russia.
Edited from various sources by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20062014/oil_india_and_gazprom_to_collaborate_on_lng_815/