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GAIL (India) Ltd may rope in Reliance Industries Ltd (RIL) in the proposed one-million-tonne-per-annum petrochemicals plant in Iran if other partners in the project agreed, Mr Goel said. “There is an existing memorandum of understanding for setting up a petrochemicals plant in Iran using gas from South Pars field. We may explore taking Reliance as a partner,” he said.

The pact was signed in early 2004, along with the liquefied natural gas supply agreement, between Iran’s state-owned National Iranian Gas Export Company, Indian Oil Corporation and GAIL for jointly setting up a petrochemical plant in Iran. Earlier this year, GAIL and Reliance Industries had signed a memorandum of understanding for cooperation in various sectors, including petrochemicals.

The Director Finance said setting up of a petrochemical plant in Iran and exporting the products to India works out cheaper than importing the gas from Iran and setting up a plant in India. GAIL is also looking at setting up a petrochemical plant in Algeria.

GAIL may relinquish its offshore exploration block in the Bay of Bengal in the September quarter after obtaining the final report on exploration activities from operator Gazprom. GAIL and Gazprom each own 50 per cent in the block and have drilled two successive dry wells there. The block was awarded in the first round of NELP.

More Stories on : Overseas Investments | Alliances & Joint Ventures | Petrochemicals | GAIL (India) Ltd | Reliance Industries Ltd

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