GAIL shows interest to construct a petrochem plant in Colombia with RIL

06-Sep-08

India's state-owned Gas Authority of India Ltd (GAIL) has expressed strong intentions to team up with Reliance Industries Ltd (RIL) in setting up a large scale petrochemical plant in Colombia. If realized, the plant will be the very first petrochemical production plant in Colombia. GAIL is already in joint venture with RIL to start a petrochem facility in Qatar. Colombia's oil production amounts to 600,000 bpd which is 50% of India's consumption. However, there was no official declaration of interest from GAIL to the Colombian Government. As per an executive of GAIL, the project plans are still at the preliminary stage with the details of capital outlay, time frame and production capacity yet to be figured.