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BPCL-GAIL JV Bags Rs 600-cr Piped Natural Gas Pune Project
Section Miscellaneous Posted on Wed Jul 21, 2004 at 01:44:08 AM EST
Bharat Petroleum Corporation Ltd (BPCL) and Gas India Ltd (GAIL) have edged out Mahanagar Gas Ltd (MGL) for the Rs 600 crore piped natural gas project in Pune.
BPCL and Gail have formed a joint venture for the project whereby each will have a 22.5 per cent stake. The state government will have a five per cent stake. The remaining 50 per cent will be offered to financial institutions and others. “MGL can participate in the project by picking up equity as a co-partner,” said a senior official associated with the project. MGL was contesting for the project, since it is already implementing the piped natural gas project in Mumbai. MGL contended that it should be allowed to implement the project as an extension of the Mumbai project. (Click on "Full Story" for more.)
The official added that the project would be implemented in two phase. Work on the first phase would begin early next year, added the official. The first phase includes setting up of the necessary infrastructure for supplying the gas to customers. This would take about three years.
The second phase would take between six to 10 years whereby the gas would be actually supplied. The JV has tied up Petronet LNG where 0.4 MMBTU of liquefied natural gas (LNG) has been allocated to the JV to begin with. The demand is expected to increase to 3 MMBTU. The official added that the government has assured to increased allocation since the capacity of Petronet LNG terminal at Dahej is being doubled. Earlier, there were differences of opinion between Gail and BPCL over the nature of the joint venture. Gail was demanding a 26 per cent stake for itself and 20 per cent stake for BPCL, the latter had suggested that the JV should be on the lines of Indraprastha Gas Ltd (IGL) with 22.5 per cent stake each which has finally been adopted. The project will now gain momentum with the commissioning of the LNG terminal at Dahej in Gujarat.
From The Financial Express - July 21, 2004 - by Prasanna Upadhyay
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. . BPCL-GAIL JV Bags Rs 600-cr Piped Natural Gas Pune Project . Also by Sanjay Sharma
BPCL-GAIL JV Bags Rs 600-cr Piped Natural Gas Pune Project | 0 comments (0 topical, 0 hidden)
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. . BPCL-GAIL JV Bags Rs 600-cr Piped Natural Gas Pune Project . Also by Sanjay Sharma |
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