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GAIL INDIA TO INVEST MORE IN SHELL CNG EGYPT.
NEW DELHI, June 1 Asia Pulse - State-owned gas major GAIL (India) Ltd (BSE:GAIL) will invest US$203,000 more as equity in Shell Compressed Natural Gas Egypt (SCNGE) to fund capital expenditure in setting up more CNG stations in the African nation.
SCNGE plans to construct five more CNG fuelling stations and three conversion centres in 2004, company sources said.
The expansion is based on the CNG growth projections, considering gas sales of 3.5 million standard cubic metres in 2003. SCNGE expects to touch gas sales to 15 mmscm with 2,000 CNG vehicle conversions.
In 2003, it could set up only one CNG station as against the planned three. The delay in completion of 2 CNG stations was mainly due to expectional licence and permit issues faced by the company.
But, actual gas sales ...
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Source: HighBeam Research, GAIL INDIA TO INVEST MORE IN SHELL CNG EGYPT.