Srei Infrastructure Finance Limited (Srei), Quippo Oil and Gas Infrastructure Limited (Quippo), and JSC Rosgeo (Rosgeo) recently signed a ‘Cooperation Agreement’ at the Eastern Economic Forum in the presence of Prime Minister of India, Narendra Modi and President of Russia, Vladimir Putin. The document was signed by Sunil Kanoria, Vice Chairman, Srei, and Sergey Gorkov, General Director – Chairman, Rosgeo.
In accordance with the agreement, the parties intend to develop cooperation in the fields of land and marine geophysical work in India (including seismic exploration in transit zones), airborne geophysical, gravity and magneto metric studies, drilling operations (including deep and super deep drilling) in both India and Russia, as well as design well construction and maintenance.
Rosgeo and Quippo also plan to develop cooperation in the field of comprehensive development services, intelligent drilling, supply of equipment for logging and directional drilling as well as supply of Russian-made equipment for geological exploration for hydrocarbons and solid minerals in India. Rosgeo and Quippo intend to determine the initial projects as a part of joint work and develop specific cooperation mechanisms for each of them.
Commenting on the development, Sunil Kanoria said, “As one of India’s largest diversified conglomerate, we constantly explore new business opportunities and partnerships across the globe. We are confident that this partnership will create a win-win situation for the parties involved and will strengthen India-Russia trade relations further.”
“The signing of the agreement with Srei and Quippo reflects our commitment to the long-term strategy of Rosgeo, which implies a significant increase in revenue from international projects, also through new partnerships,” said Sergey Gorkov. “I am confident that our cooperation with Srei and Quippo will be of a long-term and of mutually beneficial nature and will make a significant contribution to the development of trade and economic relations between Russia and India.”