GAIL, SOCAR to pursue LNG opportunities
Baku, Azerbaijan, Nov. 3 By Aygun Badalova - Trend: GAIL (India) Limited signed a Memorandum of Understanding (MoU) with Azerbaijan's State Oil Company (SOCAR), which envisages jointly pursuing LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally, GAIL reported on November 3.
Under the MoU both companies will also cooperate in optimization 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 parties would be leveraged to explore business opportunities jointly in natural gas and LNG business including new business developments across the gas value chain, according to BC Tripathi, Chairman and Managing Director of GAIL. GAIL is India's leading natural gas company with a presence along the entire hydrocarbon value chain spanning E&P, LNG, pipelines, LPG, petrochemicals, city gas distribution, etc. In order to meet the growing appetite of Indian market, GAIL has been expanding its global presence to secure long term gas supplies.