MOSCOW (MRC) -- GAIL (India) Limited has announced the signing of a Memorandum of Understanding (MoU) with State Oil Company of Republic of Azerbaijan (SOCAR), reported the company on its site.
Under the MoU, GAIL and SOCAR intend to jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally.
Both companies shall 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.
Speaking on the occasion, Mr B C Tripathi, Chairman and Managing Director, GAIL 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."
As MRC wrote previously, in April 2014, SOCAR's Azerkimya production association commissioned new storage facilities for the nitrogen-oxygen complex at the ethylene-polyethylene plant. The new facilities consist of 16 storage tanks. In case of ceasing the nitrogen-oxygen unit's activity, it will provide ethylene production by high and low pressure nitrogen within 20-28 hours. Commissioning of new storage facilities will ensure rational, stable and reliable operation of EP- 300 and Polimir- 120 facilities.
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.
SOCAR includes Azneft (production association of enterprises producing oil and gas onshore and offshore) and Azerkimya (production association of chemical industry enterprises) and Azerigaz (production association dealing with gas distribution). The company also includes a number of processing enterprises, service enterprises and institutions dealing with geophysical and drilling operations. SOCAR also has assets in Europe and Turkey (Petkim). Petkim is the leading petrochemical company of Turkey. Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products.
MRC