Gail (India) Ltd has forged a joint venture with Indian Oil Corporation (IOC) for gas distribution in Kolkata and other towns, chairman and managing director of the company U D Choubey said on Thursday.
Choubey told reporters the new company would be incorporated shortly, and the estimated investment would be around Rs 500 crore.GAIL and IOC would hold 22.5 per cent each. Other equity partners are West Bengal government (five per cent) and financial institutions (50 per cent).
Choubey said gas distribution would be possible only after completion of Jagdishpur-Haldia pipeline in 2011.In the meantime, GAIL would make efforts to source coal bed methane (CBM) from the Asansol region, following which it would be distributed in cylinders after compression. He said piped natural gas was cheaper than LPG sold in cylinders.
Showing posts with label IOC. Show all posts
Showing posts with label IOC. Show all posts
Thursday, June 21, 2007
Thursday, May 17, 2007
Fenosa eyes 10% Petronet stake
Spanish power group Union Fenosa may pick up 10% equity in Petronet LNG Ltd (PLL). The deal may come through the foreign currency convertible bond (FCCB) route. PLL was planning to float a $100-million FCCB issue.
Petronet sources said a Union Fenosa team visited its Dahej LNG import terminal in Gujarat a few months back. The team may come for due diligence again, they added.However, with regard to FCCB route, PLL may have to take a fresh government approval for the issue since the previous approval has expired.
Union Fenosa is present in 12 countries with significant interests in the gas business.
PLL is a joint venture company promoted by Bharat Petroleum Corporation, GAIL India, Indian Oil Corporation and Oil & Natural Gas Corporation. These firms hold 50% in the venture (12.5% each), floated to build and operate the country’s first LNG terminal at Dahej.
With an authorised equity of Rs 1,200 crore, the company’s other shareholders include Gaz de France (10%) and Asian Development Bank (5.2%). The remaining 34.8% equity is held by the public.
Read more in The DNA Money article.
Petronet sources said a Union Fenosa team visited its Dahej LNG import terminal in Gujarat a few months back. The team may come for due diligence again, they added.However, with regard to FCCB route, PLL may have to take a fresh government approval for the issue since the previous approval has expired.
Union Fenosa is present in 12 countries with significant interests in the gas business.
PLL is a joint venture company promoted by Bharat Petroleum Corporation, GAIL India, Indian Oil Corporation and Oil & Natural Gas Corporation. These firms hold 50% in the venture (12.5% each), floated to build and operate the country’s first LNG terminal at Dahej.
With an authorised equity of Rs 1,200 crore, the company’s other shareholders include Gaz de France (10%) and Asian Development Bank (5.2%). The remaining 34.8% equity is held by the public.
Read more in The DNA Money article.
Wednesday, March 28, 2007
IOC plans to buy Turkish petrochem co
Flagship refiner-marketer IndianOil Corporation is putting in the pipeline India's presence in a crucial energy corridor between Central and North Asia and the consumption centres in the West. The state-owned entity has submitted an expression of interest for acquiring the Turkish government-run chemicals maker Petkim Petrokimya and back it up with a $6 billion refinery on the Mediterranean coast.
"The Turkish government is disinvesting 53-54% in Petkim. We have put in an EoI (expression of interest). Bids will close on June 15. I would like to believe IndianOil will bid jointly with the Calik group with whom we have a strategic partnership," said B M Bansal, the man incharge of finding new businesses for IndianOil.
Read more in The Times of India article.
"The Turkish government is disinvesting 53-54% in Petkim. We have put in an EoI (expression of interest). Bids will close on June 15. I would like to believe IndianOil will bid jointly with the Calik group with whom we have a strategic partnership," said B M Bansal, the man incharge of finding new businesses for IndianOil.
Read more in The Times of India article.
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