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GAIL in talks with Shell for Egypt gas pie
April 02, 2003 17:19 IST
Gas Authority of India said on Wednesday that it was talking to the world's third largest oil and gas group Royal Dutch/Shell for picking up stake in two city gas distribution companies in Egypt.
"Shell has offered us 19 per cent equity in Fayum gas company and 10 per cent equity in Shell CNG company (both in Egypt)," GAIL chairman and managing director Proshanto Banerjee told a news conference.
Stating that GAIL was interested in being associated with Shell's projects in Egypt, he said company officials would be visiting Cairo next week for technical, legal and financial due diligence.
The Fayum gas company supplies piped natural gas for domestic consumption while Shell CNG retails compressed natural gas to the automobiles in Cairo.
"Our expertise in creating, operating and maintaining the infrastructure is what Shell is seeking. GAIL would also assist Shell in expanding the existing infrastructure and operations and maintenance," Banerjee said.
GAIL has also signed an agreement with BOTAS of Turkey for helping it set up city based gas distribution system.
In Iran, the flagship gas firm was assisting in setting up CNG infrastructure and marketing while it was also looking at cooperation with National Petrochemicals Company for joint marketing and exports of petrochemicals.Banerjee said GAIL was also looking at ADB funded city gas system in Dhaka while discussions were also being held for a similar system in Manila.
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