GAIL signs pact with ITERA Russian Co

New Delhi: GAIL (India) Limited today signed a Memorandum of Understanding (MoU) with ITERA Oil & Gas Company of Russia for cooperation in projects ranging from participation in CNG projects in Russia, Gas based Petrochemicals opportunities in Russia, E&P opportunities in Russia and CIS countries and cooperation in other projects of mutual interests. The MoU was signed by Dr. U. D. Choubey, CMD, GAIL and Mr. Igor V. Makarov, Chairman of the Board, ITERA Oil and Gas Company LLC. Shri R K Goel, Director (Finance), GAIL, Shri Santosh Kumar, Director (Projects), GAIL, Shri B C Tripathi, Director (Marketing), GAIL and other senior officials of GAIL and ITERA were present on the occasion.

Speaking on the occasion, Dr. 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.

Mr. Igor V. Makarov, Chairman of the Board, ITERA Oil and Gas Company LLC described the signing of MoU as an important step in the direction of synergistic cooperation between the two companies not only at present but for future also.

ITERA is a large player in Oil & Gas Sector in E&P, Gas transmission & distribution, petrochemicals etc. in Russia and CIS. ITERA has been operating in various Oil & Gas E&P assets in Russia, CIS and other countries, apart from business interests in Gas to Petrochemicals, Pipelines etc.