GAIL Looks to Revive Petrochemical Project

Gas Authority of India Limited (GAIL) has initiated talks with domestic oil companies to establish a special purpose vehicle for developing an integrated refinery and petrochemicals plant in India and other countries.

Public and private sector companies such as ONGC, Oil India, HPCL, Reliance Industries and Essar Oil have been invited by GAIL to support the project, according to the Economic Times.

The company has already entered into an agreement with Reliance Industries for cooperation in petrochemicals.

GAIL’s proposed $10bn refinery-cum-petrochemicals project had to be put on hold after Mittal Energy and French oil company Total withdrew from the project.