RIL, GAIL plan petrochem projects abroad

A working group, consisting of representatives from both the companies, will identify and examine the opportunities available in the area of petrochemicals. The group is already examining such opportunities in Middle East, Russia and former Soviet Union FSU countries. In addition, the two companies will also examine the possibilities of mutual co-operation in the domestic market. The MoU was signed by GAIL director business development A K Purwaha and RIL executive director Nikhil Meswani in Mumbai on Tuesday. GAIL chairman and managing director U D Choubey and RIL chairman and managing director Mukesh D Ambani were also present during the ceremony.

Describing the development as a major event, Choubey said, 8220;This is an important milestone for both the companies. It is also an extension of the concept of working together, which took shape with the signing of the co-operation MoU in the Natural Gas sector between GAIL and RIL earlier this year. The MoU signed today is the beginning of co-operation in the area of petrochemicals.8221;

Mukesh Ambani echoed the feelings of GAIL CMD on the need to work together. 8220;GAIL and RIL are India8217;s leading companies in the energy and infrastructure sector. The decision will enable us to look for opportunities globally on a competitive scale for the petrochemical business which will further strengthen India8217;s position on the global map,8221; he said.