04 December 2007 14:09 [Source: ICIS news]
MUMBAI (ICIS news)--Reliance Industries and GAIL (India) signed a memorandum of understanding (MoU) on Tuesday for joint co-operation in petrochemicals in the domestic market as well as to set up complexes outside India in feedstock rich countries.
"This is an important milestone for both the companies. The MoU is the beginning of co-operation in the area of petrochemicals," said GAIL CMD UD Choubey.
"Identified opportunities will be examined by a working group, consisting of representatives from both companies," Reliance Industries Limited (RIL) said in a statement.
The working group is currently examining opportunities in the Middle East, Russia and the former Soviet Union (FSU) countries, it added.
"In addition, the two companies will also examine the possibilities of mutual cooperation in the domestic market," RIL said.
The two companies also signed an MoU in March this year for cooperation in identified areas in the natural gas sector including natural gas pipeline, city gas distribution, coal bed methane, exploration and production, and operations and maintenance services.
"The decision will enable us to look for opportunities globally on a competitive scale for the petrochemical business which will further strengthen India’s position on the global map," said RIL chairman and managing director Mukesh D Ambani.
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