Progress on two mega petrochem projects planned by GAIL decelerates

16-Jun-09
GAIL India plans to defer two mega petrochemical projects- one overseas and one in India, mainly due to declining polymer demand triggered by the global economic slowdown. GAIL’s plans comprised of: An memorandum of understanding (MoU) with Reliance Industries to jointly set up a petrochemicals plant in gas-rich countries; listing Qatar, Abu Dhabi, Bahrain, Vietnam, Australia, South Africa, Angola, Mexico, Russia and Former Soviet Union as possible locations for the 2 mln tpa petrochemical plant. An MOU with Indian Oil Corp (IOC) to explore possibilities of setting up a Rs 22,000-crore petrochemicals plant at Barauni in Bihar.
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