Monday, November 12, 2007

GAIL scouting for Indian partner for projects in Saudi

by Richa Mishra from The Hindu Business Line (India)

GAIL Ltd plans to rope in another Indian company as partner for its likely business venture with Russian oil firm Lukoil. The possible Indian partner in the project could be private sector major Reliance Industries Ltd (RIL). The state-owned gas transmission and marketing company has been in talks with Lukoil for building a petrochemical plant and liquefied natural gas (LNG) terminal in Saudi Arabia. During a recent meeting with the board members of Lukoil, GAIL’s Chairman and Managing Director, Mr U.D. Choubey, had envisaged interest in picking up stake in Lukoil’s onland gas rich block A in EmptyQuarter, near Ghawarin in Saudi Arabia. Besides, acquiring stake, GAIL has also proposed to jointly set up a LNG terminal and a petrochemical plant in Saudi Arabia along with Lukoil and an Indian partner. Lukoil has 80% stake in the block, while the remaining is with Saudi Aramco. Lukoil has two blocks in Saudi Arabia.

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