Friday, April 9, 2010

ONGC India

India has offered Kuwait a stake in oil and natural gas Corp'sRs 12440 corer petrochemical plants at Dahej in Gujarat on the west coast and Indian Oil Corp. proposed chemical plant in Paradip on the east coast. Kuwait Petroleum Corp. has repeatedly rejected the offer for stake in Indian refinery projects since the demand for auto fuel distribution rights is not possible because of India's policy that only state-owned enterprises will benefit from state aid.

ONGC's Dahej petrochemical complex is to include the capacity to produce 1.1 million TPA ethylene, 340,000 TPA of propylene, 135,000 TPA Benzene and 95,000 TPA butadiene. C2-C3 separated from imported liquefied natural gas will be used as raw material. ONGC owns 26% of ONGC Petro-files, a special purpose vehicle formed to create the chemical complex is 5% owned by the State of Gujarat Petroleum Corp. and 19% owned by Gail India.

KPC has also been offered a share of 1 million tons of petrochemical plants, distributed from rs 29,777-crore refinery at Paradip to build in the future. The plant is scheduled to be built for 15 million TPA refinery was commissioned in 2012 when the IOC is now facing a cash crunch in the light of selling subsidized fuel. IOC has been exploring equity partnerships with Saudi Aramco and Kuwait Petroleum to deliver crude to the refinery Paradip project, but the two have gone down. Therefore, petrochemical plants now offered.

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