OIL signs MoU with Gazprom

State-run Oil India Ltd (OIL) signed a memorandum of understanding (MoU) today with the Russian giant Gazprom EP International (Gazprom International), the international subsidiary of Gazprom, through which the two companies will be evaluating pursuing exploration and production opportunities jointly across the world.

The pact also provides an option to the companies for technological association. Any area or project of common interest would also be covered under the purview of MoU. The MoU was signed by chairman and managing director, Oil India, S K Srivastava and Valery Goulev, Managing Director of Gazprom International in Moscow.

Gazprom is one the world's largest company and is the largest producer of natural gas and holds the largest natural gas reserves in the world. Gazprom is among Russia's five largest oil producers and it is the largest owner of power generating assets in Russia.

Gazprom's international subsidiary Gazprom EP International is currently present in around ten countries. "This is a very strong association and we should take advantage of leveraging each other's strengths," Srivastava said.