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GAIL, Mitsubishi tie-up for joint trading
Friday, 07 November 2003, 20:30 IST
NEW DELHI: State-owned gas infrastructure major GAIL (India) Ltd. has entered into an alliance with Mitsubishi Corporation India Private Ltd. (MCI) to explore trading opportunities in hydrocarbon and polymers.
MCI is a subsidiary of Japan's leading conglomerate Mitsubishi.
"Both GAIL and MCI recognise the potential of adding value to their business by cooperative approach and shall also examine the possibility of establishing a joint trading desk," GAIL said in an official statement Friday.
The statement came after the agreement was signed by GAIL projects director S.P. Rao and MCI chairman and managing director Yuji Hara.
The association between the two companies will not be restricted to India but will extend to overseas markets too, the statement added.
GAIL is India's largest natural gas transmission, distribution, marketing and gas processing company. It also has diversified operations in other integrated energy and petrochemical activities.
With the opening of the gas sector in India, GAIL is gearing up to handle the emerging competitive energy scenario and is looking for overseas opportunities.
The company owns and operates a 4,600 km network of a natural gas pipeline and a 1,269 km network of an exclusive LPG pipeline.
Besides, it has forayed into areas of gas processing, production of LPG and other liquid hydrocarbon and petrochemical products. It is also active in exploration and production activities.
Source: IANS
Source: IANS