Oil India, Gazprom signs MoU for co-operation in exploration and production

New Delhi: Oil India Limited announced on Thursday that the company has signed a Memorandum of Understanding with Russia’s Gazprom International for evaluating and pursuing exploration and production opportunities across the world.

The MoU also provides an option to the companies for technological association and any area or project of common interest would also be covered. The MoU was signed in Moscow by Oil India’s Chairman and Managing Director S K Srivastava and Valery Goulev, Managing Director of Gazprom International.

Gazprom is one of the largest oil and gas companies in the world and the largest producer of natural gas with the largest natural gas reserves in the world. It is also the only producer and exporter of natural gas in Russia.

“This is a very strong association and we should take advantage of leveraging each other’s strengths,” said Srivastava of Oil India in a statement. “Our countries have a history of close co-operation and very good relations and I sincerely hope that our partnership will grow from strength to strength and yield results in the shortest time possible.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.