State-owned Gas Authority of India Ltd. (GAIL) is seriously planning to ramp up its share in the petrochemical business which along with LPG contributed roughly 56% to company's total net profit of Rs.897 cr for Q2, 2008. GAIL is already building a 220,000 tpa petrochemical plant in Assam. It has entered into a 5-way JV agreement with Hindustan Petroleum Corporation, Oil India Ltd, Mittal Investments and France's Total to set up another petrochemical complex and crude oil refinery at Visakhapatnam in Andhra Pradesh.
As addressed in the AGM, GAIL is planning to twice the capacity of its gas-based petrochemical plant in Pata, Uttar Pradesh to touch 500,000 tpa then further the capacity to 800,000 tpa. GAIL is also looking to tie up with Reliance Industries for a mega petrochemical plant in Qatar worth US$1.2 bln. Further, the company is examining plans to erect petrochemical plants Kazakhstan with a proposed JV with RIL.