GAIL, NRL, OIL & Assam Govt JV for Assam Gas Cracker
19 Oct '06
2 min read
The Joint Venture agreement for Assam Gas Cracker project has been signed. GAIL (India) Ltd, Numaligarh Refinery Limited (NRL), Oil India Limited (OIL) and Assam Government, are the promoters of the Joint venture company, signing the Joint Venture agreement at GAIL this afternoon.
Shri S P Rao, CMD, GAIL, Shri M R Pasrija, CMD, OIL; Shri B K Das, MD, NRL; Shri P C Sharma, Additional Chief Secretary, Government of Assam, and Shri Neeraj Verma, MD, AIDC signed the Joint Venture agreement at a simple function. Shri B S Negi , Director (BD), Shri M R Hingnikar, Director (HR); Dr. U D Choubey, Director (Marketing), GAIL; Shri N M Borah, Director(operations) OIL ; Shri T K Ananth Kumar, Director (Finance) and Shri R K Dutta, Advisor, Government of Assam along with senior officials from GAIL, OIL , NRL and Government of Assam were present on the occasion.
The integrated Petrochemical Complex proposed to be set up at Lepetkata, District Dibrugarh at a cost of Rs 5460 crores shall be implemented by a Joint Venture Company (JVC) to be promoted by GAIL with 70% equity participation. The remaining 30% equity will be shared equally among OIL, NRL and Govt. of Assam. The project will be completed in 60 months from the date of financial closure.
The site has been identified by the Govt. of Assam and necessary Environmental clearance has been obtained. The Feedstock for the Petrochemical Complex is 6.0 MMSCMD gas from Oil India Limited (OIL) Duliajan and 1.35 MMSCMD gas from Oil & Natural Gas Corporation Limited (ONGCL) up to 31/3/2012 and 1.00 MMSCMD thereafter.
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