India's state-owned Gas Authority of India Ltd (GAIL) have inked a memorandum of understanding with oil refiner Indian Oil Corporation (IOC) to perform a techno-economic feasibility study for setting up of Rs. 10,000 crore petrochemical plant in Barauni in the state of Bihar. The agreement also calls for for evaluating the possibility of setting up of cracker complex including downstream derivatives at the site. The planned chemical plant is expected to take five years for realization and will reportedly source 2,50,000 ton of naphtha from IOC's Barauni refinery. Also, the natural gas is being planned to be brought by GAIL from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline.