Gail to collaborate with Azerbaijan-based firm for LNG and petrochem projects

Gail India Limited has signed a memorandum of understanding (MoU) with State Oil Company of Republic of Azerbaijan (SOCAR) for jointly pursuing LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally.
 
Both companies will 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.
 
B C Tripathi, Chairman and Managing Director, Gail India, said “We are happy to enter into this strategic relationship with SOCAR. 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.”
 
SOCAR is an integrated oil & gas company involved in upstream, midstream and downstream operations encompassing exploration of oil and gas fields, production, processing and transporting oil, gas and condensate, marketing of petroleum and petrochemical products in domestic and international markets and supplying natural gas to domestic and industrial customers in Azerbaijan. SOCAR has its trading companies in Switzerland, Singapore and UAE and representative offices in a number of other countries.