Gail India and ONGC to Cooperate in Petchem Business

Gail India (New Delhi) says it has reached an understanding with Oil and Natural Gas Corp. (ONGC; New Delhi) for growing their petrochemicals and natural gas businesses. The understanding was documented in the form of various agreements and letters, and the agreements initialed are expected to be formalized into definitive agreements following approvals from the boards of both companies. For the ONGC Petro-Additions (Opal) joint venture, the agreement initiated signify Gail formally agreeing to become a co-promoter of the 1.1 million m.t./year ethylene cracker...

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