ATLANTA, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NASDAQ: GTLS) signed a Letter of Cooperation with ExxonMobil India LNG Limited, an affiliate of ExxonMobil, and Indian Oil Corporation (“IOCL”) focused on pioneering virtual pipelines to accelerate gas access in India. Virtual pipelines deliver liquefied natural gas (“LNG”) by road, rails and waterways not connected by physical pipelines.
In early 2019, Chart signed a Memorandum of Understanding with IOCL to promote the development of the LNG Market in India, focusing on modular liquefaction, regasification applications, LNG bunkering, fueling stations and alternative LNG mobile transportation including ISO containers. This Letter of Cooperation expands the reach and potential scale within a significantly growing country that has committed to clean energy options.
“We believe this collaboration with ExxonMobil, a major LNG supplier with a local presence in India, coupled with our ongoing work with IOCL will accelerate India’s ability to offer a cleaner energy solution within the growing cities and networks," said Jill Evanko, Chart’s President and CEO. “We are excited to offer our cryogenic equipment to support what each party in this collaboration believes will accelerate clean energy progress while doing so with localized equipment manufacturing in India.”