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Petrochemicals
Reliance, GAIL join hands for petrochem complexes
Our Bureau
Mumbai, Dec. 4 Reliance Industries Ltd and GAIL (India) Ltd on Tuesday signed a memorandum of understanding for joint co-operation in petrochemicals. They will create a special purpose vehicle for setting up petrochemical complexes in West Asia, Russia and FSU.
Under the MoU, both the companies will jointly explore opportunities for setting up petrochemical complexes in countries that have ample feedstock for petrochemicals. A working group, consisting of representatives from both the companies, will examine the opportunities. The companies will also examine the possibilities of mutual co-operation in the domestic market, a press release said.
A similar MoU was also signed between the two companies on March 15 for co-operation in the natural gas sector, including natural gas pipeline, city gas distribution and coal bed methane exploration.
Dr U.D. Choubey, Chairman and Managing Director, 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,” he said.
Mr Mukesh Ambani, CMD, RIL, said, “GAIL and RIL are India’s leading companies in the energy and infrastructure sector. The decision will enable us to look for opportunities globally on a competitive scale for the petrochemical business which will further strengthen India’s position on the global map,” he said.
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