GAIL Plans $2 Billion Investment to Boost Petrochemical Business

BANGALORE, INDIA--July 11, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--GAIL (India) Limited is planning to develop two large petrochemical plants, one in India and one abroad. The Indian unit will be a 1 million-ton-per-year plant developed in Visakhapatnam, Andhra Pradesh, in partnership with state-owned Hindustan Petroleum Corporation Limited (Mumbai), Mittal Energy, Oil India Limited (OIL) (Noida) and Total SA (NYSE: TOT) (Paris, France). The consortium is also evaluating the feasibility of setting up a 15 million-ton-per-year export-oriented refinery. GAIL is also in discussion with Lukoil (NASDAQ: LUKOY) (Moscow, Russia) to develop a petrochemical unit and a liquefied natural gas terminal in Saudi Arabia and is currently scouting for an Indian partner for this venture.