GAIL proposes to set up a petrochemical project in Egypt at an investment of $1.7 billion (approx Rs 7,735 crore).

Currently, the company is in discussion with Egyptian Petrochemical Holding Company for the project in Port Said, which is near the Suez Canal. The project is likely to have a cracker capacity of 300 KTA (annual kilo tonne).

GAIL is already present in Egypt through Fayum Gas, Shell CNG and National Gas - entities in which it holds equity stakes.

Meanwhile, the company along with Total and Shell, have been shortlisted by the Nigeria Government as one of the companies to develop the gas project. Nigeria is to select one of the shortlisted firms, which will make investments of $30 billion (approx Rs 1,36,500 crore) in developing the reserves and transporting them to power firms as well as export in the form of LNG. The project involves setting up three gas gathering plants and transporting the gas through pipelines, one of which will traverse the Sahara for supply to Europe.