03 October 2014, News Wires – Indian player Gail and Azerbaijan state oil company Socar have signed a deal to work together on liquefied natural gas and international upstream projects.
The pair inked a memorandum of understanding that will see them “jointly pursue LNG opportunities through capacity booking, LNG procurement and promotion of LNG projects globally,” Gail said on Monday.
“Both companies shall also cooperate in optimisation 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,” the Indian company continued.
Gail chairman B C Tripathi 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 valu