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Home News Power Sector News APGENCO enters into oil and natural gas exploration/production business

APGENCO enters into oil and natural gas exploration/production business

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YS reddyAndhra Pradesh government  floated the AP Gas Infrastructure Corporation (APGIC) to venture into exploration and production activities in the oil and natural gas sectors. Andhra Pradesh Power Generation Corporation  Limited (AP Genco) and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) will have an equity participation of 49 per cent and 51 per cent respectively in the APGIC.

The Board of Directors of APIIC approved the formation of the joint venture company (APGIC), according to an official press release.

Chief Minister Y S Rajasekhara Reddy had given the nod for setting up APGIC after Director General of Hydrocarbons V K Sibal suggested that the State government float a special purpose vehicle to venture into the oil and gas exploration and production business.

The main purpose of the joint venture is to optimize utilisation of oil and natural gas available in the Krishna-Godavari basin in the state, the press release said.

The APIIC Board has also approved a five per cent equity participation by the Corporation in Bhagyanagar Gas Limited, a joint venture of HPCL and GAIL currently involved in City Gas Distribution as well as industrial gas supply in Hyderabad, Vijayawada and Kakinada. .


Source - Samay Live

 

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