GAIL open to approach RIL aboard Iranian petrochemical project

24-Sep-07

Gail India is open to approach domestic private sector refiner and petrochemicals major Reliance Industries Ltd (RIL) on board an Iranian petrochemical project. As per an earlier plan, GAIL and Indian Oil Corporation (IOC) were to partner the project along with the National Iranian Gas Export Company. GAIL and IOC had signed a memorandum of understanding with the Iranian government for using natural gas from South Pars field to run the petrochemical plant. Gail had earlier this year entered into general memoranda of understanding with both IndianOil and RIL. As part of the MoU with RIL, it would be taking up natural gas (including city gas and marketing) and petrochemical projects within and outside India. India had also signed a 5 mt LNG deal with Iran but the future of the deal hangs in balance since the deal was linked to development of Jufeyr and Yadavarn fields and Iran had informed India that the latter deal had expired.