Reliance and GAIL name new countries to jointly establish petrochem plant

18-Dec-07

As part of the strategy to set up plants to meet growing global demand for petrochemicals, Reliance Industries and state-run gas firm GAIL India have identified 10 countries including Qatar, Australia and Russia to explore for setting up a multi-billion-dollar petrochemical plant. The two partners plan to explore opportunity for setting up global size petrochemical complexes, preferably gas based, in gas-rich countries is being explored. An MoU was signed by RIL and GAIL on December 4, wherein Qatar, Abu Dhabi, Bahrain, Vietnam, Australia, South Africa, Angola, Mexico, Russia and former Soviet Union countries have been listed as areas where the two would explore jointly establishing up to 2 million tons chemical plant. The two entities will float special purpose vehicle with equal stake to set up the overseas petrochemical plant. Reliance and GAIL have set themselves a three-year deadline for identifying and commencing work on the mega petrochemical complex.