Mumbai (Commodity Online): GAIL India Ltd. (BOM: 532155) has partnered with Qatar Petrochemical Co. (QAPCO) to gain natural gas supplies from Qatar. GAIL is planning to set up a US$ 1.3 billion mega petrochemical plant pursuant to a MoU inked with Reliance Industries Ltd. (BOM:500325) in 2007.
GAIL and Reliance have selected Qatar, Iran, Algeria, Nigeria and Russia for setting up a 1.9-million-tonne chemical plant and are willing to employ a special purpose vehicle with neutral stake for the same.
Notably, gas major GAIL is also optimistic for setting up a petrochemical unit in Iran and shall soon initiate negotiations with the National Petrochemical Company of Iran.
However, GAIL stock lost 1.33% while Reliance Industries fell by 1.46% at Bombay Stock Exchange on Monday trade.
