GAIL has recently formed its first foreign joint venture with China Gas Holdings Limited for taking up the projects in various cities of China, Director (Finance) of the company R K Goel said today.
Goel was in city for signing an MoU between GAIL and Vadodara Mahanagaar Seva Sadan (VMSS) for distribution of natural gas to use in residential, commercial, industrial sectors as well as for supply of Compressed Natural Gas (CNG) and Auto Liquefied petroleum Gas (Auto LPG) in automotive sector in Gujarat.
He said, "GAIL is continuing its efforts to build strategic alliance with international companies to gain entry in the international market."
Apart from its equity participation in three retail gas companies in Egypt and China Gas Holdings Limited, it has participating interest in offshore E&P (exploratory and Production) blocks in Myanmar and one in on-land E&P block in Oman. GAIL is pursuing business opportunities in other regions of the world in its core area of operations, he added.
GAIL has set up a whollyowned subsidiary company viz. GAIL Global (Singapore) Pte Ltd in Singapore to facilitate overseas investments.