Slew of oil, gas deals at Gujarat meet

Monday, 29 September 2003, 07:00 Hrs
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AHMEDABAD: These deals would bring investment of 20 billion over three to four years, officials at the Vibrant Gujarat meet said.

"Gujarat is really vibrant," said Petroleum Minister Ram Naik, pointing out he had been informed in the morning that four deals would be signed and that these had risen to seven in a few hours.

"The MoUs reflect the confidence of investors in Gujarat's strength. We aim to make Gujarat an energy-surplus state with the help of private sector participants," said the state's Minister of State for Energy and Petroleum Saurabh Dalal.

State-owned Gujarat State Petroleum Corporation (GSPC) entered into an agreement with Oil and Natural Gas Corporation (ONGC) for cooperation in exploring coal bed methane (CBM), research and development of underground coal gasification (UCG), pipeline network for transportation of oil and gas and marketing of hydrocarbon and non-hydrocarbon gases produced from CBM and UCG.

ONGC accounts for a major chunk of the 500 billion invested in the oil and gas sector in the state so far by several players.

Gujarat Industrial Development Corporation (GIDC) signed an agreement each with ONGC and Shell. The MoU with ONGC aims to develop the Dahej Special Economic Zone (SEZ) in south Gujarat, while the one with Shell involves development of Hazira port near Surat in South Gujarat.

"ONGC has agreed to be an equity partner," GIDC managing director Hasmukh Adhia said.

The two partners will look for a third party developer with the necessary expertise for the project.

"We are looking at exciting new opportunities in Gujarat," ONGC chairman Subir Raha said.

GIDC and Hazira Port Private Limited (of the Shell group), under the second MoU, will carry out a feasibility study for the Hazira SEZ.

GSPC also signed a MoU with STEAG Encotec GmbH (SEG) to set up an institute for research in energy sector.

Gujarat State Electricity Corporation Limited (GSECL) and Gujarat Power Corporation Limited (GPCL) signed a MoU to develop a 107 MW gas-based power plant at Dhuvaran.

The seventh MoU was between the Indian Farmers' Fertilizer Co-operative and the Gujarat government for establishing a fertiliser plant at Kalol, about 80 km from here, at an estimated cost of 25 billion.
Source: IANS
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