ОАО Stroytransgaz and Indian Oil Corporation Ltd. /IOCL/ signed the Memorandum of Understanding confirming their intention to cooperate in implementation of prospective projects in the field of pipeline transportation in India and abroad
Friday, March 17, 2006
ОАО Stroytransgaz and Indian Oil Corporation Ltd. /IOCL/ signed the Memorandum of Understanding confirming their intention to cooperate in implementation of prospective projects in the field of pipeline transportation in India and abroad.
Joint participation in projects will become possible after the creation of a consortium. А consortium may be created for each particular project with every party possessing the right to choose its share in it.
It was in 2001 that OAO Stroytransgaz first appeared on the Indian market. After five years this Russian construction and engineering company has successfully implemented several pipeline projects in close cooperation with Indian partners. For example, two years ago Stroytransgaz - Essar Construction Ltd. - Indian Oil Corporation Ltd. Consortium successfully completed the construction of Baroda - Ahmedabad – Kalol pipeline on turn-key basis. Stroytransgaz as the leading party of the consortium provided project management as well as technical support.
The Memorandum signed by the Indian Oil Corporation Ltd. significantly broadens the prospects of Stroytransgaz’s participation in pipeline projects of South and South-Eastern countries of Asia.
Indian Oil Corporation Ltd. is rated first among oil companies of Asian Pacific and rated 18 among oil companies of the world. Possessing the most extended pipeline network in India IOCL plans to stretch it further up to 1000 km within the nearest two years.
The Memorandum was signed in the framework of Russian and India business circles meeting in Delhi attended by Russian Prime-Minister Mikhail Fradkov.
