GAIL in talks with Qatar, Russian companies to build petrochemical projects
Our Corporate Bureau
15 November 2007
"We are looking at setting up a mega petrochemical project overseas of 1.3-1.9 million tonnes a year," Dr UD Choubey, chairman and managing director of GAIL, said.
Choubey, who had been to both Russia and Qatar last month, had held discussions with industry officials there. "It is in line with our strategy to set up a petrochemical project overseas where feedstock is available," he said.
The plant could be located in either Saudi Arabia, Qatar or Russia depending on feedstock availability, Choubey said, adding that the proposed project may involve a private Indian firm. He, however, declined to name the private partner.
GAIL has a broad agreement with Reliance Industries Ltd for co-operation in the hydrocarbon sector, including setting up a petrochemical plant.
GAIL, which is actively looking for LNG imports to meet the gas needs of the Ratnagiri power plant, also sought LNG (liquefied natural gas) from LUKOIL.
GAIL has also expressed an interest in buying equity in LUKOIL's Saudi assets. LUKOIL has an 80 per cent stake in the gas-rich inland Block A in Saudi Arabia while the remaining 20 per cent is with Saudi Aramco.