GAIL, Reliance sign pact for setting up petrochemical plants globallyDecember 4th, 2007 - 6:42 pm ICT by admin
Mumbai, Dec.4 (ANI): Reliance Industries Limited (RIL) and the Gas Authority of India Limited (GAIL) today signed a Memorandum of Understanding (MoU) for joint co-operation in petrochemicals.
The MoU was signed here by A K Purwaha, Director (Business Development), GAIL and Nikhil Meswani, Executive Director, RIL in the presence of Dr. U.D. Choubey, Chairman and Managing Director, GAIL and Mukesh D. Ambani, Chairman and Managing Director, RIL.
Under the MoU, GAIL and RIL will explore opportunities for setting up petrochemical complexes outside of India in feedstock rich countries. Identified opportunities will be examined by a Working Group, consisting of representatives from both the companies. GAIL and RIL will set up a Special Purpose Vehicle (SPV) for setting up petrochemical complexes abroad.
The Working Group is examining such opportunities in Middle East, Russia and FSU countries. In addition, the two companies will also examine the possibilities of mutual co-operation in the domestic market.
This MoU signed today is the beginning in the area of petrochemical between GAIL and RIL. A Memorandum of Understanding (MoU) was also signed between the two companies on March 15, 2007 for co-operation in identified areas in the natural gas sector including Natural Gas pipeline, City Gas distribution, Coal Bed Methane, Exploration and Production and Operations and Maintenance services.
Describing the development as a major event, Dr. U D Choubey, CMD, GAIL said, This is an important milestone for both the companies. It is also an extension of the concept of working together, which took shape with the signing of the co-operation MoU in the Natural Gas sector between GAIL and RIL earlier this year.”
Mukesh Ambani said: GAIL and RIL are Indias leading companies in the energy and infrastructure sector. The decision will enable us to look for .” (ANI)
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