Gail India Ltd has announced that on February 13, 2008 the Company has signed a Memorandum of Understanding (MoU) with ITERA Oil & Gas Company of Russia for cooperation in projects ranging from participation in CNG projects in Russia, Gas based Petrochemicals opportunities in Russia, E&P opportunities in Russia and CIS countries and cooperation in other projects of mutual interests. The MoU was signed by Dr. U D Choubey, CMD, GAIL and Mr. Igor V Makarov, Chief Executive Officer, ITERA Oil and Gas Company LLC. Shri. R K Goel, Director (Finance), GAIL, Shri. Santosh Kumar, Director (Projects), GAIL, Shri. B C Tripathi, Director (Marketing), GAIL and other senior officials of GAIL and ITERA were present on the occasion.

Speaking on the occasion, Dr. U D Choubey, CMD, GAIL said that this is a significant step to focus on GAIL’s competence in gas based petrochemical projects and CNG in Russia with a major private Russian Company.

ITERA is a large player in Oil & Gas Sector in E&P, Gas transmission & distribution, petrochemicals etc. in Russia and CIS. ITERA has also been operational in many Asian and African E&P assets. ITERA has been operating in various Oil & Gas E&P assets in Russia, CIS and other countries, apart from business interests in Gas to Petrochemicals, Pipelines etc.