GAIL inks pact with ITERA for hydrocarbon cooperation

New Delhi GAIL (India) Ltd on Wednesday signed a memorandum of understanding with ITERA Oil & Gas Company of Russia for cooperation in hydrocarbon sector. The areas of cooperation include participation in compressed natural gas projects and gas-based petrochemicals opportunities in Russia, as well as exploration and production opportunities in Russia and CIS countries. The two companies would also explore possible cooperation in other projects of mutual interests.

Speaking on the occasion, Mr U.D. Choubey, CMD, GAIL, said that this is a significant step to focus on GAIL's competence in gas-based petrochemical projects and CNG in Russia with a major private Russian company. ITERA is a prominent player in the hydrocarbon sector in Russia and CIS.