Date:18/08/2004 URL: http://www.thehindubusinessline.com/2004/08/18/stories/2004081802640300.htm

Back GAIL acquires 15 pc stake in Natgas of Egypt

Our Bureau

Mumbai , Aug. 17

GAIL (India) Ltd has informed the BSE that it has acquired a 15 per cent participating interest in National Gas Company (Natgas) of Egypt at a price of $19 million.

Natgas is the largest private local distribution company for natural gas in Egypt with participating interests by Egypt Kuwait Holding, Shell Gas B.V. Petrogas, Jaicorp, and now GAIL.

"Egypt is a focus country for GAIL and we hope this partnership will help grow other business areas in Egypt and its neighbouring countries," GAIL said in a news release.

GAIL made an investment of $22 million in Egypt, the largest investment made by the company in any country until today.

GAIL is also looking at other African and West Asian countries and is keen to associate with Egypt Kuwait Holding and other players in cross-country gas pipeline projects in countries such as Jordan and Lebanon. GAIL is currently pursuing opportunities in Iran, Myanmar, Bangladesh, Turkey and the Philippines.