Report: India’s GAIL in Iranian Gas Deal

India’s largest natural-gas company plans to set up a $2.3 billion petrochemical plant in Iran, a published report said Wednesday.

State-owned GAIL (India) Ltd., previously Gas Authority of India Ltd., has appointed public-sector consultant Engineers India Ltd. to conduct feasibility studies for the 3-million-tons-a-year plant, likely to be built at the mammoth South Pars gas field in Iranian waters, Mumbai’s Business Standard reported.

A variation of the report was broadcast by Tehran’s Al-Alam News Network.

The Iranian plant would be managed by Reliance Industries Ltd., India’s largest petrochemical company, and an Iranian government-owned company, a senior GAIL official told the newspaper.

The report gave no time line for the plant’s development.

GAIL, Reliance and the Indian and Iranian governments had no immediate comment.