The Hindu Business Line : OVL, Gazprom to sign MoU

ONGC Videsh Ltd (OVL) and Russia's Gazprom have decided to sign a memorandum of understanding (MoU) for cooperation in the upstream oil and gas sector in Russia, India and other countries.

The MoU would enable OVL to broaden its presence in the Russian oil and gas sector, while Gazprom would register its presence in the growing gas market of India along with ONGC, a company statement said here on Saturday.

The two sides also intend to cooperate in a few strategic hydrocarbon provinces of the world.

The MoU will be signed later this month at an official ceremony in Moscow by the Gazprom Chairman, Mr Alexei Miller, and the ONGC Chairman and Managing Director, Mr Subir Raha.

The MoU brings together the premier oil and gas company in India, ONGC, operating in 11 countries across the globe, and Gazprom, the world's largest gas company.

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