ONGC and Gazprom Agree to Expand Mutual Cooperation

ONGC and Gazprom has agreed to expand mutual cooperation in the Hydrocarbon and Power sector during the second meeting of their Joint Working Group, held at Goa. The protocol document was signed on February 8, 2007 by Mr. R.S. Butola, the Managing Director of ONGC Videsh Ltd. (OVL) and Mr. A.I. Medvedev, the Deputy Chairman of the Board of Gazprom.

The protocol agreement envisages co-operation in exploration and exploitation of oil and gas fields in India, Russia and third countries, midstream and downstream Oil and Gas projects in India and Russia, LNG supplies to India and CNG related projects in India etc.

Both parties discussed the prospects of the Indo-Russian co-operation in energy sector and reconfirmed their mutual intention to widen the scope of long-term relations between Gazprom and ONGC. It was agreed to extend the MoU between ONGC and Gazprom for another two years.

Gazprom invited ONGC to participate in eight projects in Russia including oil and gas projects in Eastern Siberia and Far East. ONGC in turn extended invitation to Gazprom for participation in integrated petrochemicals, LNG and power projects in India. The parties also exchanged views on joint possibilities in the third countries, including Qatar, Myanmar, Libya, Vietnam, Cuba and CIS countries.

The Agreement on technical and scientific co-operation, exchange of specialists, staff training etc shall be signed shortly. It was also agreed to hold the next meeting of the Joint Working Group in Russia in July 2007.

Mr. Medvedev is leading the delegation of senior professionals from Gazprom, on his first visit to India.