Oil India Ltd signs MoU with GAIL India Ltd to enhance collaboration across natural gas value chain

Oil India (OIL) today signed a Memorandum of Understanding (MoU) with GAIL (India) Limited (GAIL) to strengthen cooperation across the natural gas value chain and unlock synergies for expanding access to cleaner energy across the country.

The MoU was executed by Director (Marketing), GAIL, and Director (Operations), OIL in the presence of Secretary, Ministry of Petroleum & Natural Gas (MoPNG), AS, MoPNG, JS (GP), MoPNG, CMD-GAIL, and CMD-OIL.

On this occasion, Secretary, MoPNG, stated that the MoU is a timely step towards enhancing domestic gas availability and ensuring its seamless access to demand centres across India. He emphasized that collaborations such as this between OIL and GAIL are crucial in realizing the Government's vision of a gas-based economy and in accelerating the country's energy transition.

Speaking on the occasion, CMD, GAIL stated that the collaboration would contribute to enhancing national energy security, expanding access to natural gas and supporting the Government's vision of cleaner, sustainable energy for all. CMD, OIL said that the MoU represents a significant step in leveraging OIL's upstream strengths alongside GAIL's proven expertise in marketing and gas distribution infrastructure to accelerate the country's progress towards a gas-based economy while creating value for all stakeholders.

Shares of Oil India Limited was last trading in BSE at Rs. 413.30 as compared to the previous close of Rs. 417.15. The total number of shares traded during the day was 1885032 in over 2386 trades.

The stock hit an intraday high of Rs. 419.00 and intraday low of 410.50. The net turnover during the day was Rs. 785930392.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 MoU GAILIndia