Victor Lorentz, the President of OAO Stroytransgaz, and Ravi Ruia, Vice-President of the Indian Holding “Essar Group”, hold negotiations in the Moscow main office of Stroytransgaz with the participation of top-level representatives of both companies.
Friday, June 27, 2003
Victor Lorentz, the President of OAO Stroytransgaz, and Ravi Ruia, Vice-President of the Indian Holding “Essar Group”, hold negotiations in the Moscow main office of Stroytransgaz with the participation of top-level representatives of both companies.
The negotiations were held in the framework of agreements set forth in the Memorandum of Understanding signed by OAO Stroytransgaz and “Essar Group” in September 2002 and in the line of subsequent meetings held between the management of the Companies.
The Parties stated with satisfaction that the cooperation between OAO Stroytransgaz and “Essar Group” is on the upswing and has acquired concrete forms. It will be recalled that last year Stroytransgaz and “Essar Group” formed a Consortium and in December 2002 a contract for construction in India of the Bailadila – Vishakhapatnam slurry pipeline and in April 2003 a contract for construction of the Baroda – Ahmedabad – Kalol were signed by the Consortium.
In the course of negotiations the Parties discussed the possibility of renewal of the implementation of one of the largest transport designs in India on construction of the Central Indian Pipeline (CIP). Invitation for bid for the construction of this pipeline was published in 2002 by the Indian Company “Petronet” but the bidding was called off because the customer did not provide a “take or pay” guarantee.
For reference:
“Essar Group” is one of the largest Indian private companies in the field of the steel industry, exploration, production and processing of oil and gas, electricity production, construction engineering, sea transportation and telecommunications. In all these industries “Essar Group” occupies a leading position in the Indian economy with a considerable volume of operations on foreign markets, including Western markets, the markets of South-East Asia and Middle East. The family group established in 1956 by Nand Kishore Ruia is headed, after his death in 1969, by his sons Shashi Ruia, Chairman of the Board of Directors, and Ravi Ruai, Deputy Chairman of the Board of Directors.
