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IndianOil, Korea Gas ink E&P pact

IndianOil, Korea Gas ink E&P pact
IndianOil, the country's largest company, and Korea Gas Corporation [KOGAS] have signed a memorandum of understanding [MoU] for joint participation in exploration and production [E&P] of gas and oil at the global level and developing natural gas infrastructure projects and LNG sourcing.

KOGAS is the national gas company of South Korea and the world’s largest single importer of LNG, clocking about 33 million metric tonnes per annum [MMTPA] in 2011.

The MoU was signed by IndianOil Executive Director [Gas] A K Marchanda and KOGAS Executive Vice-President [LNG Terminal Division] Hyun Kun Shin in the presence of IndianOil Director [Planning and BD] A M K Sinha on the sidelines of Petrotech 2012, the 10th international oil & gas conference and exhibition.

Later on, the KOGAS officials met IndianOil Chairman R S Butola at meeting during which he emphasised the need to carry the MoU forward and make progress on areas identified for co-operation in a time-bound manner.

IndianOil executive director [Ennore LNG project] V Damodaran, GM [Gas] Sunil Gupta and KOGAS senior manager [Plant Business Team] H S Lim were present during the signing of MoU. KOGAS is the developer, owner and operator of three large-scale LNG receiving terminals as well as an extensive nationwide pipeline network in South Korea.

The South Korean national gas company has equity investments in LNG liquefaction projects and 20 overseas exploration and production projects and has lined up LNG sourcing contracts from several countries.

IndianOil is the foremost ranked Fortune Global 500 company in India and has a presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, petrochemicals, E&P and gas marketing.
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