Released on = December 8, 2006, 3:34 am

Press Release Author = RNCOS

Industry = Industrial

Press Release Summary = Followed by the news of Cairn India planning for an initial
public offering of 30% of business in Bombay, Gujarat State Petroleum Company in
India is all set to launch a US$ 6 Billion float.

Press Release Body = GSPC (Gujarat State Petroleum Company) in India has started to
prepare a US$ 6 Billion (E4.7 Billion, £3.2 Billion) listing on BSE (Bombay Stock
Exchange). This move by GSPC was followed by the news that Cairn India –
British owned oil group – is planning for an IPO (Initial Public Offering) of
30% of the business in Bombay in December this year (2006). Cairn is targeting to
raise US$ 620 Million.

In November’s (2006) first week GSPC appointed London bankers at US,
Citigroup, HSBC, and Morgan Stanley for handling the float, among the largest on
BSE. As per the sources that are close to the deal, GSPC targets to sell its 10%-25%
stocks in the beginning of the year 2007, rising to nearly US$ 2 Billion. (Reliance
Industries’ refining subsidiary, Reliance Petroleum, raised US$ 650 Million at
its IPO on BSE in May 2006).

International oil firms are being attracted by GSPC after the company struck a
gigantic gas discovery in the Bay of Bengal. If GSPC’s claim is to be
believed, 20 Trillion cubic feet of gas is held by the field. BP and BG Group
– British oil & gas firms – are being short-listed for a stake in the
field, along with Chevron and Eni, the American and Italian oil companies,
respectively.

RNCOS has just published its much-awaited report on oil and gas industry in India.
The report namely “Indian Oil & Gas Industry: An Industry Analysis”
provides an objective analysis on the Oil & Gas sector in India along with
information on the exploration, production and other processes, plus the annual
consumption figures and future growth projections.

According to an industry expert at RNCOS, “BG - British gas specialist - has
the most advanced position in India. If BG or BP is successful in bidding, it will
by far be the largest investment by a British oil & gas company in India.”

Issues and facts “Indian Oil & Gas Industry: An Industry Analysis”
report addresses include:

- Get an insight into the trends in market performance.
- Pinpoint sectors of growth and identify the driving factors.
- Identify market, brand leaders, and understand the competitive environment of
Indian oil and gas sector.
- How does the competitive market landscape look like for the Indian Oil and natural
Gas Industry?
- What are the various opportunities and challenges of this industry?



About RNCOS:

RNCOS, incorporated in 2002, provides Market Research Reports for your business
needs and aims to put an end to your information pursuit. Our expertise in gathering
global business information for industry research, corporate training, growth
consulting, and business consulting, brings reputed companies and firms to us for
business enhancement solutions. We can be your one-stop-shop for Industry research
information and niche market analysis.

For more information visit: http://www.rncos.com/Report/IM038.htm

Current Industry News: http://www.rncos.com/blog



Web Site = http://www.rncos.com

Contact Details = RNCOS
Shushmul Maheshwari
Head of Business Development
29, 1st Floor, Patparganj Industrial Area, Delhi 92
91-11-4214-1229
info@rncos.com