GAIL to double the pipeline network by 2011

New Delhi, Sept 18: Gas Authority of India Ltd (GAIL) has plans to raise up to Rs 7,000 crore (1.72 billion dollars) from domestic and foreign markets to double its pipeline network by 2011.

The expansion of the pipeline to 12,000 km will cost Rs 20,000 crore, company's Director (Finance) R Goel said here. Speaking on the gas distribution projects in China and India, GAIL will soon form a 50:50 joint venture in Bermuda, he said.

To fund GAIL's expansion plans, the company may also go for selling a part of its stakes in Oil and Natural Gas Corporation (ONGC) and China Gas Holding Ltd. At present, GAIL owns 2.4 per cent of ONGC and 6.6 per cent of China Gas Holding Ltd.

UNI