American oil and gas firm, ExxonMobil, on Monday said it has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOC), India’s largest fuel retailer, to expand liquefied natural gas (LNG) initiatives in the country.
“What really matters is how we accelerate India’s access to affordable, cleaner energy. We see great potential here, and are delighted to join forces with IndianOil to unlock lasting value for India,” said Bill Davis, lead country manager, South Asia at ExxonMobil in a statement.
The MoU was signed between IOC and ExxonMobil India LNG Ltd, an affiliate of ExxonMobil.
“This initiative focuses on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines,” the company said in a statement.
It added that the MoU builds on the long history of productive cooperation between IOC and ExxonMobil in the LNG space.Share This