Home / Knowledge / News / Textiles / Kuwait to buy stakes in India's ONGC petrochem plants
Kuwait to buy stakes in India's ONGC petrochem plants
16
Jan '14
The Kuwait Petroleum Corporation (KPC) has expressed interest in buying 26 percent stake in the Indian Oil and Natural Gas Corporation’s (ONGC) Rs. 213.96 billion petrochemical plant located at Dahej in the Indian state of Gujarat, as well as the Rs. 57.5 billion chemical plant in Mangalore, reports Economic Times quoting PTI.
 
A KPC delegation participated in the recently held International Oil and Gas Conference and Exhibition (Petrotech-2014) in the city of Noida, where the representatives from the firm expressed the desire to buy a stake in the ONGC-owned petrochemical plants.
 
Currently, ONGC holds 26 percent stake in ONGC Petro-additions Ltd., the special purpose vehicle (SPV), which was formed for setting up the petrochemical plant in the special economic zone (SEZ) of Dahej, whereas 5 percent stake is with the Gujarat State Petroleum Corporation (GSPC) and state-owned gas utility GAIL India owns 15.5 percent.
 
The remaining 53.5 percent equity of the Dahej plant valued at Rs. 34.34 billion is yet to be formalized, and the ONGC is keen to get an overseas partner who can either bring in technology or marketing support for the plant which is scheduled to be built by the end of 2014.
 
The Kuwaiti national oil company has also shown interest in buying stakes in the ONGC petrochemical plant coming up in Mangalore, as well as the Bharat Petroleum Corporation Limited’s (BPCL) proposed chemical unit at Kochi in Kerala.
 
As of now ONGC holds 46 percent stake in the ONGC Mangalore Petrochemicals Ltd., (OMPL) which is currently constructing the aromatic complex in the city. The Mangalore Refinery and Petrochemicals Ltd (MRPL) holds 3 percent stake in the project that will produce 905,000 metric tons (MT) of paraxylene and 270,000 MT of benzene utilizing the naphtha and other streams from MRPL.
 

Fibre2fashion News Desk - India


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Ebay

Apparel/Garments | On 19th Jun 2018

eBay partners with Noon for e-commerce sales in Middle East

Noon, the $1 billion e-commerce venture backed by Dubai businessman...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search