Gail India (GAIL) has announced that Reliance Industries (RIL) and GAIL (India) on 04 December 2007 signed a MoU for joint co-operation in petrochemicals. The MoU was signed in Mumbai by A K Purwaha, director (business development), GAIL and Nikhil Meswani, executive director, RIL in the presence of U D Choubey, chairman and managing director, GAIL and Mukesh D Ambani, chairman and managing director, RIL. The directors and senior officials from both the companies were also present on the occasion.Under the MoU, GAIL and RIL will explore opportunities for setting up petrochemical complexes outside of India in feedstock rich countries. Identified opportunities will be examined by a working group, consisting of representatives from both the companies. GAIL and RIL will set up a special purpose vehicle (SPV) for setting up petrochemical complexes abroad. The working group is examining such opportunities in Middle East, Russia and FSU countries.
This MoU signed today is the beginning in the area of petrochemical between GAIL and RIL. A MoU was also signed between the two companies on 15 March 2007 for co-operation in identified areas in the natural gas sector including natural gas pipeline, city gas distribution, coal bed methane, exploration & production and operations & maintenance services.
The company made this announcement during the trading hours today, 04 December 2007.
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