AP to enter into oil and gas (E&P) business
The Andhra Pradesh State government is all set to enter into oil and gas exploration and production (E&P) business.
The Go AP will float a new corporation on the lines of the Gujarat State Petroleum Corporation from its side, the AP Industrial Infrastructure Corporation on Tuesday formally decided to enter into a joint venture agreement with the AP Genco.
The APIIC board which met here approved the new initiative with equity sharing of 51 and 49 per cent respectively between the two State-owned entities.
To be christened as ‘AP Gas Infrastructure Corporation’, the new corporation will be involved in E&P activities in oil and natural gas as a facilitator on behalf of the government.