IndianOil and Gail Sign Accord for Petchem JV

IndianOil (New Delhi) and Gail India (New Delhi) say they have signed a memorandum of understanding to form an equally owned petrochemical joint venture at Barauni in the eastern Indian state of Bihar. The complex will be built near to an IndianOil refinery and a disused fertilizer complex owned by Hindustan Fertilizer Corp. (New Delhi). Sources at IndianOil say that the petchem complex is likely to cost $2.5 billion-$3 billion and could come onstream in 2014, pending a feasibility study that is due to be completed in March 2009. Barauni qualifies for financial...

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