India’s GAIL, Russia’s ITERA in petchem tie-up

13 February 2008 16:22  [Source: ICIS news]

NEW DELHI (ICIS news)--GAIL (India) Limited and Russia’s ITERA Oil & Gas Company LLC have signed a memorandum of understanding (MoU) for exploring gas-based petrochemical opportunities in Russia, they said on Wednesday.


The MoU would also involve pursuing oil and gas opportunities in Russia and the Commonwealth of Independent States (CIS) and co-operation in developing compressed natural gas projects, GAIL said.


The MoU was signed by GAIL chairman and managing director UD Choubey and ITERA CEO Igor Makarov.


ITERA Oil & Gas is a member of the ITERA Group that produces and markets gas in Russia and the CIS. It also has interests in upstream and downstream operations.


GAIL has also been exploring the prospects of setting up petrochemicals projects in Saudi Arabia, Uzbekistan, Egypt and Iran.


The CIS consists of 11 former Soviet republics.

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