The Hindu Business Line : GAIL, Gazprom enter into cooperation pact

A separate MoU was signed by GAIL (India) and Stroytransgaz for undertaking construction, ownership and operations of gas pipeline projects in the world.

New Delhi , Dec. 4

GAIL (India) Ltd and Russian energy major Gazprom have entered into a strategic cooperation agreement to examine various project opportunities for deliveries of natural gas to India as well as transnational gas pipelines.

The agreement was signed here on Saturday by Mr Proshanto Banerjee, Chairman and Managing Director, GAIL (India) Ltd, and Mr Alexei Miller, Chairman, Gazprom, in the presence of the Russian President, Mr Vladimir Putin, and the Indian Prime Minister, Dr Manmohan Singh.

A separate memorandum of understanding (MoU) was also signed by GAIL (India) Ltd and Stroytransgaz for undertaking construction, ownership and operations of gas pipeline projects in the world. The MoU was signed by Mr Banerjee and Mr Victor Lorents, President, Stroytransgaz.

Under the agreement signed between Gazprom and GAIL, the two companies shall discuss and examine the applicability of "oil for gas" mechanism for the projects, which are agreed, for joint implementation.

The two companies shall explore opportunities for joint participation in the forthcoming NELP V, gas pipeline projects, underground gas storage, distribution pipeline networks, safety and security of pipelines and installations, expansion of CNG use, gas processing, gas-based power generation and petrochemical production.

The MoU signed between GAIL and Stroytransgaz will undertake strategies to leverage its expertise in the area of gas pipelines ownership and operations.

It will focus on jointly pursuing economical and attractive gas pipeline projects in India, Russia and other countries covering EPC, O&M as well as projects implementation under BOOT and similar mechanisms.

The two parties propose to form joint ventures for ownership and operation of specific pipeline projects, the terms of which would be mutually agreed on a case-to-case basis.

The MoU would generate new business opportunities for the two companies in India, Russia and other countries for undertaking pipeline projects as well as underground gas storage projects, a statement issued by GAIL said here.

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