News Release Details

IndianOil, GAIL Ink MoU for Cooperation in Petrochemicals
New Delhi 31-Oct-2008
IndianOil and GAIL (India) Ltd. today signed a Memorandum of Understanding (MoU) for cooperation in the area of Petrochemicals to collaborate for exploring the possibility of setting up of a cracker complex. including downstream derivatives, at Barauni. Shri Sarthak Behuria, Chairman, IndianOil, and Dr. UD Choubey, Chairman & Managing Director, GAIL signed the MoU in presence of Shri R.S. Pandey, Secretary, Ministry of Petroleum and Natural Gas. Shri B.M. Bansal, Director (Planning & Business Development), IndianOil, was also present on the occasion. A Joint Working Committee consisting of two representatives from each Company shall be formed for undertaking techno-economic feasibility study of the project including feedstock (naphtha and natural gas) management. GAIL shall assess the prospect of natural gas availability from the KG basin field including the potentiality of the rich gas to be used as part of the feedstock for the Project and work out the modality for distribution of the same from KG basin field to the Project site. GAIL will subsequently develop appropriate definitive agreement for supply of the gas to the joint venture, once formed. IndianOil shall assess the prospect of availability of off-gas and naphtha not only from Barauni refinery but also from other operating refineries of IndianOil, to be used as predominant feedstock for the said Project and work out the modality for positioning of the same to the Project location. IndianOil will subsequently develop appropriate definitive agreement(s) for supply of the feedstocks to the joint venture, once formed. The polymer market is growing rapidly in India and the growth rate registered in the recent times has been significant. There is a potentiality for considering a mixed feed cracker complex based on Naphtha and natural gas at Barauni based on the raw materials available from Barauni refinery and other nearby refineries, besides the prospect of natural gas source in Eastern region, resulting in availability of prospective feedstock for the cracker complex. India is amongst the fastest growing petrochemicals markets in the world. Taking this into consideration and to enhance its downstream integration, IndianOil and GAIL are focusing on increasing their presence in the domestic petrochemicals sector besides the overseas markets through systematic expansion of customer base and innovative supply logistics.

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The term User shall refer to the user who is browsing the site. The term IndianOil shall refer to Indian Oil Corporation Limited. The term Site refers to www.iocl.com owned and monitored by IndianOil.
By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
ndianOil may terminate User's access at any time for any reason. The provisions regarding to disclaimer of warranty, accuracy of information, and indemnification shall survive such termination. IndianOil may monitor access to the Site.
All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
The information contained in the Site has been obtained from sources believed to be reliable. IndianOil disclaims all warranties as to the accuracy, completeness or adequacy of such information.
IndianOil makes no warranty that: (a) the Site will meet your requirements; (b) the Site will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Site or any services offered through the Site will be accurate or reliable.
The User's right to privacy is of paramount importance to IndianOil. Any information provided by the User will not be shared with any third party. IndianOil reserves the right to use the information to provide the User a more personalized online experience.
The Site provides links to web sites and access to content, products and services from third parties, including users, advertisers, affiliates and sponsors of the Site. You agree that IndianOil is not responsible for the availability of, and content provided on, third party web sites. The User is requested to peruse the policies posted by other web sites regarding privacy and other topics before use. IndianOil is not responsible for third party content accessible through the Site, including opinions, advice, statements and advertisements, and User shall bear all risks associated with the use of such content. IndianOil is not responsible for any loss or damage of any sort User may incur from dealing with any third party.