SOURCE: Industrial Info Resources

July 11, 2008 06:00 ET

GAIL Plans $2 Billion Investment to Boost Petrochemical Business, an Industrial Info News Alert

BANGALORE, INDIA--(Marketwire - July 11, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- GAIL (India) Limited is planning to develop two mega petrochemical plants, one in India and one abroad. The Indian unit will be a 1-million-ton-per-year plant developed in Visakhapatnam, Andhra Pradesh, in partnership with state-owned Hindustan Petroleum Corporation Limited (Mumbai), Mittal Energy, Oil India Limited (OIL) (Noida) and Total SA (NYSE:TOT) (Paris, France). The consortium is also evaluating the feasibility of setting up a 15-million-ton-per-year export-oriented refinery. GAIL is also in discussion with Lukoil (PINKSHEETS:LUKOY) (Moscow, Russia) to develop a petrochemical unit and a liquefied natural gas terminal in Saudi Arabia and is currently scouting for an Indian partner for this venture.

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