Srei's rental arm, Moscow's OTO to provide drilling services

Mumbai: Indian Infrastructure Equipment Limited (IIEL), the equipment rental arm of SREI Infrastructure Finance Ltd, and Moscow-based Oil Technologies Overseas (OTO), have signed an MoU to jointly develop business in drilling and related services for the Russian and Indian oil and gas sectors.

This marks the entry of Quipo Oil and Gas, an Indian company, into the oil drilling services in Russia, through this JV. Quipo, a brand owned by IIEL, envisages an immediate requirement of five state-of-the-art drilling rigs for the joint venture and has begun the process of acquiring the rigs.

Under the s 'Quipo' brand, IIEL provides state-of-the-art equipment for a wide range of construction requirements. These are provided with value added services such as trained operators to run and service the equipment and on-site repairs and maintenance.

OTO is one of Russia''s leading energy services company specialising in the business of enhanced oil recovery, reservoir water management, production enhancement, well services including solvent solutions and side track / directional drilling.

Quipo is backed by blue chip investors such as IFC, Washington (a World Bank member company); FMO, Netherlands and and Swedfund International AB. FMO and Swedfund are both owned by their respective governments.

The two companies will complement each other through this joint venture. Whilst Quipo will support the JV through its financial and equipment strengths; OTO will support .