GAIL (India) Ltd has signed a memorandum of understanding with the State Oil Company of Republic of Azerbaijan (SOCAR), the company said in a statement.
Under the MoU, the two companies will jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of projects globally.
Both companies shall also cooperate in optimisation of LNG marketing, sourcing and shipping requirements. In addition, GAIL and SOCAR will pursue business opportunities in upstream assets across the world and joint investment in petrochemical projects.
“Skills and strengths of both the parties would be leveraged to explore business opportunities jointly in natural gas and LNG business including new business developments across the gas value chain,” said BC Tripathi, Chairman and Managing Director, GAIL.