Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Petroleum
Our Bureau New Delhi, Oct. 15 Brahmaputra Cracker and Polymer Ltd (BCPL) on Monday signed an agreement with ONGC for the supply of 1.35 metric million standard cubic metres per day (mmscmd) gas to the Rs 5,460-crore Assam Gas Cracker Project. The 2,80,000-tonnes per annum gas cracker project is being set up at Lepetkata in Dibrugarh, Assam, and is expected to be completed by 2012. “The agreement is for sourcing 1.35 mmscmd of gas from ONGC is till March 31, 2012. The gas would be supplied at rates reached through the administered price mechanism,” Mr U.D. Choubey, Chairman and Managing Director of GAIL(India) Ltd, said. As per the agreement, the existing LPG plant of GAIL at Lakwa would be modified to process gas for recovery of ethane and higher hydrocarbon fraction, which would be transported to Lepetkata through a pipeline. Of the Rs 5,460-crore project cost, the Government would contribute Rs 3,000 crore in the form of capital and feedstock subsidies, while the rest would be shared among the partners in their equity ratio, Mr Choubey said. BCPL is a joint venture company with GAIL (India) holding 70 per cent equity. Oil India, Numaligarh Refinery and the Assam Government have 10 per cent stake each in the company. More Stories on : Alliances & Joint Ventures | Petroleum | Oil & Natural Gas Corporation Ltd
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