Gazprom signed deals with Oil & Natural Gas Corps’s ONGC Videsh Ltd (OVL) unit and the Gas Authority of India Ltd (GAIL). GAIL also inked an MOU with Stroytransgaz.
The OVL-Gazprom deal will allow the each company to increase its presence in the other country’s oil and gas sector.
It is believed the MOU between the two firms could also include a joint bid to snap up Yuko’s main oil production unit,Yuganskneftegaz. Yuganskneftegaz will be put for auction on 19 December with a starting price of US$8.65 billion and Russia’s President Putin has welcomed bids by Indian firms for the Yukos asset.
Gazprom’s strategic cooperation agreement with GAIL could see the two firms jointly develop project opportunities to deliver natural gas to India. GAIL has also signed an agreement with Stroytransgaz to take part in constructing, operating and owning gas pipeline projects internationally.
