Gazprom International, the sole specialised operator of Gazprom's upstream projects outside the Russian Federation, and Oil India Limited, India's second largest oil-and-gas company, have signed a Memorandum of Understanding.

On 19 June in Gazprom International's Moscow office the document was signed by Managing Director Valery Gulev and Oil India Chairman and Managing Director Sunil Kumar Srivastava.

The agreement confirms both companies' willingness to develop an all-round mutually beneficial relationship in prospecting and appraisal work, and their intention to cooperate in joint projects involving the geological exploration, extraction and transportation of hydrocarbons and the exchange of information and technologies.

The parties expressed their intention to work in India, Russia and third countries.

During the negotiations, information was exchanged on the companies' current activities; the parties shared their vision of the main issues and development prospects in the fuel and energy industry, and also spoke in favour of intensified bilateral interaction in a wide range of business areas in this sector.

A joint coordinating group will be set up to implement the provisions of the Memorandum. 

REFERENCE

Oil India Ltd. is India's state oil-and-gas company. Its main areas of activity include: the geological exploration, extraction and transportation of hydrocarbons and liquefied natural gas.

The company's main business is concentrated in north-east India; projects are underway in the states of Odisha, Rajasthan, Uttar Pradesh, Maharashtra, in the Andaman Islands and the Brahmaputra River. Outside India, the company works in Algeria, Bangladesh, Venezuela, Gabon, Egypt, Iran, Yemen, Libya, Mozambique, Burma, Nigeria, Sudan, the USA and South Africa.

The company runs an oil pipeline stretching 1,157 km from Duliajan to Barauni that supplies four refineries in the state of Assam (in Digboi, Numaligarh, Guwahati and Bongaigaon), and a range of other transport assets.