GAIL India has signed a MoU with Russia-based oil and gas firm Itera for setting up petrochemical plants and city gas projects in Russia even as Russia-based Rosneft proposed to invest in ONGC’s Mangalore gas project. Under the MoU, the two companies will jointly set up CNG projects in Russia and explore possibilities of setting up a gas-based petrochemical plant in Russia. They will also jointly invest in oil and gas exploration and production in Russia and CIS countries. ONGC is keen on taking a stake in Russia’s Sakhalin III and other oil and gas projects in eastern Siberia while Rosneft is considering investment in the ONGC’s LNG plant in Mangalore. ONGC Videsh has proposed to team up with Rosneft to bid for the giant Sakhalin III project in Far East Russia.
