Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 08, 2005 |
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Corporate
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Announcements GAIL investments overseas at Rs 257 cr Our Bureau
New Delhi , March 7 THE state-owned GAIL (India) Ltd on Monday said it has till date invested Rs 257 crore in overseas ventures, mainly in Myanmar, Egypt and China. The ventures are a part of its overall strategy of becoming a global gas player, a company communication said. In its pursuit of sourcing gas overseas, GAIL recently took 10 per cent stake in China Gas Holdings Ltd for Rs 137 crore. It signed a share subscription agreement with the Chinese company for acquisition of 10 per cent of the existing equity, at a negotiated price of HK$1.158 per share, last month. GAIL made its entry in Myanmar in January 2002 by acquiring a stake in offshore Block A1 field. Since then, it has invested over Rs 23 crore in the venture. A consortium of GAIL, OVL, Kogas and Daewoo International has successfully drilled the second appraisal well in Block A-1 in Offshore Myanmar. As a result, the prospects of sourcing gas from Myanmar to Indian markets by GAIL have brightened. Keeping in view the encouraging results, the overall potential of the Block has been further upgraded. "The initial estimates of the prognosticated reserves were in the range of around 20 trillion cubic feet (TCF). The recent appraisal drilling has supported additional 5-6 TCF of recoverable reserves in one structure/prospect, which can support 20 million standard cubic metre per day of gas production on a long-term basis," the release said. In Egypt, GAIL invested over Rs 97 crore in 2002 and 2003 in three retail gas-marketing companies — Fayum Gas Co, Shell CNG Egypt and National Gas Co (NATGAS) — for acquisition of 15-22 per cent equity.
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