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GSPC-Gazprom tie up for E

Written by: Staff
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Ahmedabad, July 6 (UNI) State-owned Gujarat State Petroleum Corporation (GSPC) today entered into a long-term strategic alliance with the Russian global petroleum giant Gazprom for Exploration and Production (E&P) of crude oil, natural gas and other hydrocarbons.

The two companies decided to set up a Joint Action Group in the agreement formalised today between Gujarat Chief Minister Narendra Modi and Gazprom Deputy Chairman A A Medvedev in Moscow, according to reports reaching here today.

Gujarat being in the gas mode, the pact is like a shot in arm for the country's only Public Sector Undertaking (PSU), promoted by a State Government.

Besides successfully reviving oilfields abandond by ONGC in Gujarat, GSPC has successfully bid for oil and gas E&P in the offshore Kaveri-Godavari (KG) blocks in the previous NELP. The KG blocks have huge potentials of oil and gas.

In another major development, Mr Modi showed keen interest to set up a Petroleum University in Gujarat, on the lines of one already run by Gazprom in Moscow, with a view to developing highly skilled man-power required from backward integration to forward integration.

Mr Modi also visited the Gazprom installations in Russia. Mr Modi reached Moscow today along with a 16-member business delegation from Gujarat after three days visit to Astrakhan Province.

UNI VKC MAZ RL KP2126

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