New Delhi: Sonia Gandhi, UPA Chai

New Delhi: Power Grid Corporation Limited (PGCIL) has announced publicly that it would set up base in Dubai, and is also considering 20 percent stake in Philippines National Transmission Company for $800 million.

While discussing the growing prospects and added plans, R.P. Singh, PGCIL Chairman and Managing Director stated that the scheme to build up a base in Dubai was to target West Asian projects that are liked to consultancy and infrastructure.

Additionally, Mr. Singh said that the company was looking at Saudi Arabia and Africa, comprising South Africa for running system operations and handling transmission and distribution projects.

Mumbai: State-owned oil and gas major ONGC has decided to invest around Rs 1,22,000 crore to expand its activities in the existing five-year (11th) plan period. This will also include Rs 20,000 crore investment in the country’s east coast.

Director R S Sharma, ONGC Chairman and Managing Director, said, “We have plans to invest Rs 76,000 crore domestically and Rs 46,000 crore overseas during the current five-year plan period ending 2012.”

Mittal Investments has signed a Memorandum of Understanding (MOU) with HPCL, Oil India, GAIL and France’s Total S.A. to develop a refinery and petrochemical plant in Visakhapatnam. LN Mittal group will also be working with HPCL to set up a refinery in Bhatinda, Punjab. The Bhatinda refinery project has been delayed for many years due to political issues and Mittal Group was successful in picking up 49% stake in the project.

In the statement issued, HPCL CMD Mr. Arun Balakrishnan said, "We have signed a memorandum of understanding to study the feasibility of a refinery and a petrochemical complex. We expect to receive the report by March."