GAIL, EIL tie up for global projects

New Delhi, August 31, 2005 GAIL (India) Limited and Engineers India Limited have signed a memorandum of Cooperation (MoC) for pursuing Natural Gas business overseas. GAIL is making efforts to participate in overseas Natural gas transportation and gas processing projects, which would run on Build, Own, Operate, and Transfer (BOOT), Build, Own and Operate (BOO), Engineering, Procurement and Construction (EPC) basis through JV or Consortium route. Dr. U. D Choubey, Director (Marketing), GAIL and Mr. P K Saha, Director (Commercial) EIL signed the MOC in the presence of Mr. Proshanto Banerjee, CMD GAIL and Mr. M. K. Dalal, CMD, EIL.

The memorandum of Cooperation between GAIL and EIL will enable both the companies to bid overseas jointly in which GAIL will be responsible for project management and financing and EIL will be responsible for engineering and procurement. Both the companies will propose suitable sub-contractors(s) for construction.

Speaking on the occasion Mr. Proshanto Banerjee, CMD, GAIL said that “this cooperation has got tremendous significance in materializing the vision of GAIL for its global presence in an era when transnational gas pipeline, liquefaction and re-gasification of natural gas has opened great opportunities abroad”. “Cooperation and joint approach is required not only to function but also to flourish in the business”, he added particularly in the context of prevailing high costs of liquid fuel now.

EIL has also been providing consultancy services across the world in oil and gas projects and has presence in the countries of Middle East and North Africa like Qatar, Oman, Saudi Arabia, Libya, and Algeria. Speaking on the occasion Mr. M K Dalal, CMD EIL said that “This MOC will enable both the companies to project a combined Indian face for global business opportunities abroad”.