IOC GAIL to join hands for overseas city gas projects
12 Apr 2007
Oil
marketing major IOC is keen and GAIL have agreed to
join hands in city gas projects in Libya and Pakistan.
GAIL and IOC will jointly supply the gas, and will have
a 22.5 percent holding each in the new company.
Five percent will be in the hands of the state government or its nominee, and strategic investors, and public and financial institutions will hold 50 per cent.
A
communiqué from IOC quotes, its chairman S Behuria,
as having said, "We need to make a success story
out of the current effort and also work for the city
gas projects abroad in Pakistan and Libya, where GAIL
has shown keen interest."
The two firms had earlier signed an agreement to form a joint venture to run gas distribution projects in West Bengal.
The
West Bengal joint venture will distribute and market
compressed natural gas for vehicles, and piped natural
gas for domestic, commercial and industrial purposes.