GAIL inks pact with Azerbaijan's state oil firm

Both companies will also cooperate in optimization of liquefied natural gas marketing, sourcing and shipping requirements

State gas utility GAIL India Ltd today said it has signed an initial agreement with State Oil Company of Republic of Azerbaijan (SOCAR) for jointly pursuing LNG opportunities.

Under the Memorandum of Understanding, "GAIL and SOCAR intend to jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally," the company said in a statement here.

Both companies shall also cooperate in optimization of liquefied natural gas (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.

GAIL Chairman and Managing Director B C Tripathi said: "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.