To extend its global footprint, GAIL India is likely to partner with China Gas in developing coal bed methane (CBM) in Mongolia. Moreover, Oman Oil is also expected to join them as an ally in the project.
ONGC currently supplies gas directly in isolated pockets of India, mainly in Gujarat and Assam, which contributes around Rs 100 crore (Rs 1 billion) to ONGC's total marketing revenues. In May 1992, gas pipelines and marketing functions related to natural gas were transferred by ONGC to GAIL. However, there are certain isolated pockets where ONGC continues to be the marketing agency.
GAIL (India) Ltd and its partners on Wednesday signed the Exploration and Production Sharing Agreement with government of Oman for Block 56 in Muscat.
Reliance Industries and British Gas have initiated legal proceedings against state-run GAIL (India) to recover about $150 million for gas supplied during June 2004 to March 31, 2005.
State-run gas utility GAIL India and state refiner Bharat Petroleum Corp Ltd have floated a joint venture company to supply piped natural gas for domestic and commercial use
Reliance Industries, India's most alued company, and state-run GAIL India will next week mount pitch with Qatar for jointly setting up a $.3 billion mega petrochemical plant in the gas rich nation.
State-owned gas firm GAIL India Ltd is eyeing stake in two Chinese firms implementing a project to supply CNG to Beijing by 2008, before commencement of the Olympics.
GAIL India plans to consolidate presence in petrochemicals and renewable energy, allocate a percentage of annual capital expenditure for exploration and production (E&P), pick up equity in upstream LNG projects abroad, and pursue investments in shale gas projects in and outside.
GAIL is in the process of laying additional pipelines in the Dadri-Bawana-Nangal and Chainsna-Jhajjar-Hissar region so as to serve the Northern market and this year alone around 1,000 km were laid, he said at a seminar on 'Energy Self Sufficiency -- The Future' organised by Federation of Indian Chambers of Commerce and Industry in Chennai on Friday.
The government has chosen state-run GAIL (India) Ltd over Reliance Industries in setting up a Rs 2,500 crore gas cracker project in Assam.
A joint venture agreement between GAIL (India) Limited and China Gas Holdings Limited to foray into natural gas
Turnover rose to Rs 6,187 crore (Rs 61.87 billion) for the third quarter ended December 31, against Rs 5,812 crore (Rs 58.12 billion) in the same period previous fiscal, Gail (India) Ltd said.
The state-run gas transmission firm Gail (India) Ltd plans to prepay an expensive Rs 500 crore (Rs 5 billion) Asian Development Bank loan by raising debt from domestic market through a bonds issue in January.
State-run gas utility Gail (India) Ltd is aiming a 10 per cent stake in China Gas Holdings Ltd, which has exclusive rights to set up city gas distribution projects in 42 cities in China.
In a significant development, the government may allow state gas utility GAIL India to charge a marketing margin on sale of APM or subsidised natural gas.
The domestic stock market this week would monitor the geopolitical developments after India and Pakistan reached an understanding to stop military actions, analysts said. Moreover, macroeconomic data announcements, Q4 earnings, trading activity of foreign investors and global market trends are also likely to influence sentiments, traders said.
Reliance Industries, India's most valued company, and state-run gas firm GAIL India have identified 10 countries including Qatar, Australia and Russia for setting up a multi-billion-dollar petrochemical plant.
Anil Ambani-owned Reliance Energy has approached state-owned gas utility GAIL (India) Ltd for transportation of gas to its proposed 4,000 MW power plant at Dadri.
GAIL executives, 2,200 in number, are part of the Oil Sector Officers Association, which has given an indefinite strike call from Wednesday to protest against a pay increase smaller than what was demanded by the organisation. A strike in the oil sector can cripple the already fragile economy and companies like GAIL had been approaching courts for restraint orders to keep fuel supply lines operating.
Oil and Natural Gas Corporation and GAIL India are likely to give 33 per cent lesser discounts on crude oil and cooking gas to the state-owned refining and marketing companies than estimated as oil prices have tumbled in the last three months and the refiners have started making profits.
GAIL will take up to 10 per cent of the Hong Kong-listed firm through a share subscription and has agreed not to sell the shares for two years.\n\n
India's Oil and Natural Gas Corp and GAIL (India) Ltd's equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from where will be sold to China.
"We had identified 10 countries for setting up the mega petrochemical plant. A working group (of GAIL and RIL) will shortlist three of the identified countries. We may then narrow on one or two for setting up of the mega petrochemical plant," GAIL Chairman and Managing Director U D Choubey told reporters. He, however, refused to name the 10 countries identified for the purpose.
State-run gas utility GAIL India may take a stake in the $1.95-billion gas pipeline that China is building for ferrying natural gas found off the Myanmar coast.
"There are five Indian and six foreign companies which have submitted expression of interest (EoI) for buying stake in the gas transportation company (RGTIL)," a source privy to the development said.
The government has nipped Oil and Natural Gas Corp's exclusive plans to extract liquid petroleum gas and C2/C3 from liquefied natural gas by also allowing gas utility GAIL India to do the same from the common LNG being imported by Petronet.
In a bonanza to shareholders, GAIL India on Thursday approved a bonus share in the ratio of one additional share for two shares held.
GAIL India Ltd on Wednesday said it plans to acquire a small or medium sized exploration and production company.
The Ratnagiri Gas and Power Pvt Ltd is likely to get gas for power production by June-end, GAIL (India) chairman UB Choubey said.
Sources said ONGC Videsh Ltd, the overseas arm of state explorer, and GAIL have made a non-biding offer showing interest in acquiring Exxon's stake.
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