GAIL India Signs MoU with Ministry of Petroleum & Natural Gas

March 26, 2013

GAIL (India) Limited has set a target of marketing 84.05 MMSCMD and transmitting 110.00 MMSCMD of natural gas from domestic sources and through LNG route during FY 2013-14 under the Annual Memorandum of Understanding signed with Ministry of Petroleum & Natural Gas for performance targets.

The MoU was signed between Mr. Vivek Rae, Secretary, Ministry of Petroleum & Natural Gas and Mr. B. C. Tripathi, Chairman and Managing Director, GAIL in presence of Shri R.D. Goyal, Director (Projects), Shri S.L. Raina, Director(HR), Shri Prabhat Singh, Director (Marketing), Shri S. Venkatraman, Director (BD) and Shri P.K. Jain, Director (Finance). Senior officials from the Government were also present on the occasion.

The MoU also provides for an ‘Excellent’ production target of 430 TMT of Polymers (HDPE & LLDPE) and 1,310 TMT of Liquid Hydrocarbons. The excellent financial targets are pegged at Rs 49,155 Crore Gross Sales and a Gross Margin of Rs 6,160 Crores.

In addition to key physical and financial parameters, the Company’s performance will be assessed on the basis of various parameters related to core business streams out of which 32 % is allocated to key parameters related to implementation of Pipeline, Petrochemicals, City Gas Projects, Capital Expenditure, Marketing, E&P, Mergers & Acquisitions, Safety etc besides, Corporate Governance, Research & Development, Human Resource Management (5%), Corporate Social Responsibility (CSR) and Sustainable Development (8%) in line with the latest guidelines issued by the Department of Public Enterprises (DPE).

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LNG World News Staff, March 26, 2013; Image: GAIL