MOSCOW (MRC) -- ONGC Petro additions Ltd (OPaL) is seeking to sell 50% stake in its USD4.6 bln facility, likely to Saudi Aramco, as per sources in livemint.com, after talks with a unit of Kuwait Petroleum Corp. about investing in the project stalled last year, reported Plastemart.
Oil & Natural Gas Corp. (ONGC), which owns the biggest stake in OPaL, entered into a preliminary cooperation agreement in January 2014 with Petrochemical Industries Co., a subsidiary of state-owned Kuwait Petroleum. Talks between OPaL and PIC about the Kuwaiti company investing in the Indian project stalled last year, according to the people. OPaL hosted a team from Saudi Aramco at its plant in Gujarat last month, they said.
Saudi Aramco, which is the biggest supplier of crude oil to India, has shown interest in a proposed 60 million tonnes-a-year refinery and petrochemicals project being planned by Indian state refiners on the nation’s west coast, oil minister Dharmendra Pradhan said on 30 March.
As MRC informed before, in late 2016, OPaL started up its cracker in India. Located at Dahej in the western India state of Gujarat, the cracker has an ethylene production capacity of 1.1 million mt/year and propylene production capacity of 400,000 mt/year.
OPaL is a joint venture of Oil and Natural Gas Corp. (ONGC - 26%), Gas Authority of India Limited (GAIL - 17%) and Gujarat State Petroleum Corp. (GSPC - 5%), with the balance held by other investors and public shares.
MRC