Assam Co, GSPC to jointly develop Rs 2,000cr Hydrocarbon Park

New Delhi, Jan 25 (UNI) Assam Company Ltd today signed a memorandum of understanding (MoU) with Gujarat State Petroleum Corporation (GSPC) to develop Special Economic Zone (SEZ) Hydrocarbon Park at an outlay of about Rs 2,000 crore.

''The companies will create a special purpose vehicle (SPV) and a joint working group (JWG) for the implementation of the project, which is projected to become operational by January 2010,'' Assam Company said in a statement.

The Chairman of the SPV will be nominated by GSPC while both the companies will nominate two members each in the JWG.

GSPC is the country's only state government-owned company in oil and gas exploration and production (E&P) business. The Government of Gujarat holds about 95 per cent equity in the company.

UNI