Gail submits annual MoU for performance targets for 2008-09 with ministry

India's leading state run gas utility, Gail (India) Ltd., has submitted an annual memorandum of understanding (MoU) for performance targets for 2008-09 with the ministry of petroleum and natural gas. Based on the proposed plan, GAIL's production figure for liquid hydrocarbon is 1,235488 mt, and polymer production is targeted at 382,820 mt. In this period, the company has targeted an expenditure (including gas purchase, raw material consumption and manufacturing expenses) of Rs 17,366 crore. The gross margin (PBDIT) has been pegged at Rs 2,958 crore compared to last year's MoU target of Rs 3,166 crore. However, the targets for LPG, naphtha, propane and polymer production will be subject to correction, depending upon the actual quantity and quality of natural gas received from ONGC, RIL, PLL or from spot LNG. According to sources close to the company, GAIL aims to expand its core business of natural gas transmission and marketing to capture a larger share of the growing market. The company is focusing more on E&P business to secure gas supplies for the core transmission business in the near future. Investments in petrochemicals and city gas distribution are being planned to enhance margins and increase sources of revenue.
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