EDF Trading and GAIL today announced the signing of a Memorandum of Understanding (MOU) to jointly acquire and develop upstream oil and gas assets in North America and to partner in trading and optimization of US gas and LNG.
The MOU was signed on Saturday 2nd February 2013 in the presence of Dr. M Veerappa Moily, the Honourable Minister of Oil and Gas, Government of India. “The advent of shale gas in the US bodes very well for the global hydrocarbon landscape and this partnership is expected to look for business opportunities in this exciting space in order to enhance the oil and gas sourcing prospects for India”, he said.
Mr, B.C. Tripathi, Chairman and Managing Director of GAIL (India) stated that “This is an important occasion for GAIL and we are happy to enter into this strategic relationship with EDFT, a major player in the US gas market. GAIL has extensive infrastructure in the midstream and downstream gas value chain and we are well positioned to meet the growing domestic demand in India”
“There are significant opportunities in the North American gas markets and we are pleased to be partnering with GAIL, one of the world’s leading gas companies, in jointly developing this business”, said John Rittenhouse, Chief Executive of EDF Trading. “We are looking forward to building a long term relationship with GAIL”, he said.
LNG World News Staff, February 07, 2013