Victor Lorents, President of OAO Stroytransgaz, and Proshanto Banergy, Managing Director of Gas Authority of India Ltd. (GAIL), have signed Memorandum of Mutual Understanding and Cooperation in the framework of the Program of the official visit of the President of the Russian Federation to India.
Friday, December 03, 2004
Victor Lorents, President of OAO Stroytransgaz, and Proshanto Banergy, Managing Director of Gas Authority of India Ltd. (GAIL), have signed Memorandum of Mutual Understanding and Cooperation in the framework of the Program of the official visit of the President of the Russian Federation to India.
The Memorandum reflects the mutual interest of the Companies in implementation of the projects in the area of the pipeline transport and underground storages in India, Russia and third countries on the terms of EPC – engineering-procurement-construction, OM – operate, maintenance, BOO – build, own, operate and BOOT – build, own, operate, transfer.
Gas Authority of India Ltd. holds a leading position (84%) in transportation and distribution of gas on the Indian market.
The length of the Company’s own pipeline network makes up 5 340 km.
During next five years GAIL proposes to construct about 8 thousand kilometers more with a view to develop the national gas transport network.
Petrochemistry, energy and telecommunications are also within the sphere of the Company.
