GAIL (India) Limited on Thursday signed three sweeping memoranda of understanding with as many Chinese companies in the oil and gas sector in both countries, as well as abroad, signalling a new era in Sino-Indian bilateral cooperation.
Gail, which claims to be the only Indian company to have made substantial progress in entering China's huge market, signed MoUs with China Petrochemical Corporation (SINOPEC), CNOOC International Limited and the Beijing Gas Group Company Limited.
The MoUs were signed during the visit of a high level team from India led by Petroleum and Natural Gas Minister Mani Shankar Aiyar.
The GAIL team was headed by its chairman and managing director Proshanto Banerjee.
Under the MoU signed between GAIL and China's state-owned integrated energy and petrochemical company SINOPEC, the two companies would cooperate in the oil and gas upstream sector including oil and gas exploration, development and production, within China, India and internationally.
Such cooperation would be in various forms such as the transfer of assets, joint acquisitions, joint development of oil and gas projects and the exchange and optimisation of assets, senior company officials said here.
The two companies would explore opportunities to cooperate in Liquefied Natural Gas sector, including LNG trading for Indian and Chinese market, joint investment of LNG receiving and regasification facilities in India and China, participation in the LNG supply chain.
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