24 July 2012 08:08 [Source: ICIS news]
KOLKATA (ICIS)--India will undertake a `comprehensive review’ of the $1.2bn (€984m) fertilizer proposed project in Ghana following the award of construction of gas pipeline to Sinopec, an official in Department of Chemicals and Fertilizer said on Tuesday.
The project was proposed by the government-owned Rashtriya Chemicals and Fertilizer Limited (RCFL).
The award of gas pipeline to Sinopec on 17 July by the government of ?xml:namespace>
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Even though Indian government officials refused to comment on record, it was acknowledged that RCFL’s investment was linked to the gas pipeline bid put in by a consortium led by GAIL Limited,
GAIL, along with Engineers India Limited (EIL), an Indian government-owned consultancy firm and Punj Lloyd had submitted a bid for the gas pipeline project to the Ghana National Petroleum Corporation.
However, Sinopec piped the latter to bag the project backed by a $800m funding from the Chinese government.
It was expected that a successful bid by the GAIL consortium would have led to early settlement of gas utilization, supply and pricing issues which continued to hold back RCFL investments since it was first announced in 2010, he added.
RCFL is among
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