Infrastructure major GAIL (India) Limited and Russian energy giant Gazprom have entered into an agreement to jointly develop gas projects in India and overseas.

"GAIL and Gazprom of Russia are in talks for cooperation to develop projects in the gas sector in India and abroad. Both companies have initialled an agreement for strategic cooperation in the hydrocarbon sector in India, Russia and other countries," an official statement said Sunday.

GAIL chairman and managing director Proshanto Banerjee and Gazprom deputy managing director A.G. Ananenkov signed the agreement during the meeting here of the Indo-Russian Joint Working Group for cooperation in the hydrocarbon sector.

Other Russian companies like Rosenft, Stroitransgaz and Lukoil too participated in the talks.

"GAIL and Gazprom will establish a joint coordination committee which will identify specific projects in the oil and gas sectors. The plan includes pipeline projects for gas supply as well gas processing," the statement said.

The two firms will explore gas processing and downstream opportunities in Russia and other countries.

Both companies are already working jointly in India for exploration and development of Block-26 in the Bay of Bengal.

They have identified opportunities in Eastern Russia for setting up gas processing and petrochemical plants.

"The transportation of gas and supply to India from other countries has been included in the spheres of cooperation," the statement said.

--Indo-Asian News Service