Financial Daily from THE HINDU group of publications
Tuesday, Dec 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 06, 2005 |
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Corporate
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Alliances & Joint Ventures IIEL in pact with Russian co for oil drilling services Our Bureau
New Delhi , Dec. 5 INDIAN Infrastructure Equipment Ltd(IIEL), an infrastructure equipment rental company, and Oil Technologies Overseas (OTO), Moscow, have signed an agreement to develop a joint business in drilling and related services for the Russian and Indian oil and gas sector. According to an IIEL release, this marks the entry of Quipo Oil & Gas, a brand of IIEL, into the oil drilling services in Russia. Quipo envisages an immediate requirement of five advanced drilling rigs for the joint venture and has begun the process of acquiring the rigs. Promoted by SREI Infrastructure Finance Ltd, Quipo serves the need of infrastructure industry for projects. OTO is one of Russia's leading oil and gas services company specialising in the business of enhanced oil recovery, reservoir water management, production enhancement, well services including solvent solutions and side track and directional drilling. The two partners bring tremendous complementary strengths for the projects in the sector, the statement said. While Quipo would support through its financial and equipment strengths, OTO would support Quipo's Indian venture by providing technology, training and specialised software support.
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