New Delhi, November 19, 2004

GAIL (India) Limited and Gazprom of Russia are in talks for cooperation to develop projects in the gas sector in India and abroad. Both the companies have initialed an agreement for strategic cooperation in Hydrocarbon sector in India, Russia and other countries. Mr. Proshanto Banerjee, Chairman & Managing Director, GAIL and Mr. A.G. Ananenkov, Dy. Chairman, Gazprom represented the respective sides. The Russian companies like Gazprom, Rosenft, Stroitransgaz, Lukoil and others are participating in Indo-Russian Joint Working Group Meeting for cooperation in Hydrocarbon Sector in New Delhi

Both GAIL and Gazprom will establish a joint coordination committee which will identify the specific projects in the oil and gas sectors. The plan includes pipeline projects of gas supply as well gas processing. GAIL and Gazprom will explore the gas processing & downstream opportunities in Russia and other countries. Both the companies are already working jointly in India for Block-26 in Bay of Bengal. 

In Eastern Russia, facilities like establishment of gas processing & petrochemical plants are envisaged where the fuel gas and feed stock for chemical plants and other value added products may be produced. As GAIL is presently operating 7 gas processing plants and gas cracker plant in India to produce petrochemicals, it can add value to this area due to its core competence. GAIL will explore jointly in the proposed gas processing plants and other related activities in pipelines in Russia. The transportation of gas and supply to India from other countries has been included in the spheres of Cooperation. 

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