GAIL Sets Its Eyes On Kazakhstan, Talks On With BG India

Mumbai, March 28 | Updated: Mar 29 2004, 05:30am hrs
In a bid to expand its footprint in new global markets, GAIL (India) Ltd has set its eyes on the Kazakhstan market. The oil major is understood to have initiated talks with British Gas India (BG) for jointly working on oil and natural gas exploration projects in that region.

Speaking to FE GAIL (India) Ltd chairman and managing director Proshanto Banerjee, said: As far as the companys latest overseas ventures are concerned, we have recently acquired stakes in two companies in Egypt and we are interested in acquiring a stake in two more companies in that region. We are already in talks with those companies. We are also eyeing at oil fields in Kazakhstan. However, nothing has been finalised yet. Mr Banerjee declined to divulge futher details of the venture into Kazakhstan and said: Its premature to comment.

As regards the companys decision to enter into a tri-partite agreement along with British Petroleum and Tata Power to take over the now closed Dabhol project, Mr Banerjee said: The equity participation between the three parties in the proposed consortium is yet to be decided. Once the bids are invited, we will participate in it. However, indications are that the three parties will be holding equally in the consortium.

As a part of the companys effort to increase gas supplies, it has entered into agreements with companies which include Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), Gazprom, Enpro Fiance Private Ltd and Daewoo International among other, to engage in onshore and offshore oil and gas exploration and production actitivies. GAIL along with various partners are currently exploring atotal of 10 onshore and offshore blocks.

GAIL, primarily a natural gas company, is focused on all aspects of the gas value chain including exploration, production, transmission, extraction, processing, distribution and marketing of natural gas and its related process, products and services.

The company has additional interests in gas processing, petrochemicals, LPG, transmission and telecommunications. The company has also extended its presence in power, LNG re-gasification, city gas distribution and exploration and production(E&P) through equity or joint venture participations.