Visakhapatnam: India Gas Solutions Pvt Ltd, the equal joint venture between Reliance Industries and UK's BP plc, signed an agreement with Andhra Pradesh government to invest in creating marketing infrastructure for natural gas from KG basin.
The joint venture is now actively marketing natural gas produced from eastern offshore KG-D6 block on behalf of both RIL and BP, officials said.
It is also in the early stages of exploring opportunities for participating in the gas value chain in Andhra Pradesh.
An MoU was by India Gas Solutions Private Limited, Andhra Pradesh Economic Development Board and the Government of Andhra Pradesh represented by the Director of Ports, and Principal Secretary, Energy and I&I Department.
India Gas Solutions is a 50:50 joint venture company of Reliance Industries Limited (RIL) and BP International Limited (BP) in the business of marketing gas and LNG in India.
RIL and BP have announced plans to develop discovered offshore gas discoveries in Block KG-D6 situated in the Krishna Godavari basin, through three projects with investments up to Rs 40,000 crore ($6 billion).
Development of the three projects is expected to bring about 30-35 million cubic metres (1 billion cubic feet) of gas a day, phased over 2020-2022 and will create considerable direct and indirect employment during the construction phase over the next 5 years, they said.
RIL and BP plan to pursue skill development programmes as part of the execution of these projects.
(Disclosure: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
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Updated Date: Feb 26, 2018 07:56:40 IST