Azernews.Az

By Aynur Jafarova


Indian GAIL Limited and Azerbaijan's state energy company SOCAR will jointly take advantage of LNG opportunities through capacity booking, as well as LNG procurement and promotion of LNG projects globally.

This was agreed by both sides as part of a Memorandum of Understanding (MoU) signed between them on November 3.

Under the MoU, both companies will also cooperate in optimization of LNG marketing, sourcing and shipping requirements. They will also take advantage of 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, B C Tripathi, the Chairman and Managing Director of GAIL, said.

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.

Azerbaijan's energy giant SOCAR, which is keen on expanding operations in retail oil products market abroad, is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to the industry and public in Azerbaijan.