Jul 15, 2013, 06.45 PM IST
GAIL (India) Ltd, the country's largest gas transmission and marketing company, plans to open an office in Dubai soon, a senior official said.
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GAIL plans to open office in Dubai to explore opportunities
GAIL (India) Ltd, the country's largest gas transmission and marketing company, plans to open an office in Dubai soon, a senior official said.
Like this story, share it with millions of investors on M3
GAIL plans to open office in Dubai to explore opportunities
GAIL (India) Ltd, the country's largest gas transmission and marketing company, plans to open an office in Dubai soon, a senior official said.
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Singh was in the city for signing a shareholders' agreement with the Vadodara Municipal Corporation (VMC) for pursuing gas distribution opportunities in the city by establishing a new company wityh an authorised share capital of Rs 215 crores. The formation of new company is the first of its kind in the country where GAIL Gas Ltd, a subsidiary of GAIL and the VMC have joined hands to form a new company to supply piped gas to around 75,000 homes in Vadodara city in three years.
Earlier, VMC through its gas project, supplied piped gas to 75,000 homes after the project was inaugurated by late Prime Minister Indira Gandhi in the city in 1971. Both Gail Gas Ltd and VMC hold 50 per cent equity each in the new company which will spend Rs 200 crore in the city and adjoining areas for the expansion of piped gas supply to homes, industries, commercial establishments, hotels and restaurants, VMC Municipal Commissioner Manish Bhardwaj said. "In addition to existing long-term LNG tie-up with RasGas of Qatar, GAIL recently signed long term agreements for 3.5 MMTPA of gas with the US-based Sabin Pass Liquefaction Company at a price benchmarked to the Henry Hub gas price in USA and supply is expected to start from 2018," Singh said.
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