GAIL signs MoU with ITERA Oil & Gas Company of Russia

An MoU was signed between GAIL and ITERA Oil and Gas Company of Russia, in a function held at Hotel Shangri-la, New Delhi on the 13th of February, 2008.
The MoU was signed between the two companies 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 also present on the occasion.

The programme began with the welcoming of the dignitaries. Dr. U.D. Choubey CMD, GAIL offered a bouquet of flowers to Mr. Igor V. Makarov, Chairman of  the Board while Shri R.K. Goel, Director (Finance) gave a bouquet to Shri Shiv Khemka, Vice Chairman, Sun Group.

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, Chief Executive Officer, 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 Oil and Gas Company, established in 1992, is a member of ITERA International Group of Companies. ITERA is a large player in Oil & Gas Sector in E&P, Gas transmission & distribution, petrochemicals etc. in Russia and CIS.  ITERA is the first private company to put gas fields into operation in the Far North of Russia: ITERA has marketed over 400 billion cubic meters of gas. The Company produced over 120 BCM of natural gas in 1998-2007.