ONGC offers stake in petrochem projects to Kuwait Petroleum
NEW DELHI (Reuters) - State-run producer Oil and Natural Gas Corp Ltd (ONGC.NS) is seeking a strategic partnership with Kuwait Petroleum Corp (KPC) in two upcoming petrochemicals projects, its chairman said.
The two companies signed an initial agreement on Tuesday for broad co-operation that could see KPC pick up stakes in the ONGC Mangalore Petrochemicals Ltd (OMPL) and ONGC Petro-Additions Ltd (OPAL) projects.
"We are seeking strategic partnership in the two companies. Twenty-six percent stake is being offered in (each of) the two projects," ONGC Chairman Sudhir Vasudeva said on the sidelines of the Petrotech 2014 industry conference.
KPC chief executive Nizar al-Adsani said the agreement was the first of many steps to come and his company was looking at several opportunities in India and outside.
The two companies did not disclose the financial details of the potential deal.
ONGC is developing the OMPL petrochemicals complex in south India, in which its subsidiary Mangalore Refinery and Petrochemicals (MRPL.NS) will also hold a small stake.
The company is also developing the OPAL petrochemicals project, in a joint venture with state gas utilities GAIL India (GAIL.NS) and Gujarat State Petroleum Corp (GSPC), at Dahej in western India, as part of its efforts to diversify beyond oil exploration and production.
(Reporting by Nidhi Verma; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Barack Obama in India
In a glow of bonhomie, U.S. President Barack Obama and Indian Prime Minister Narendra Modi unveiled plans to unlock billions of dollars in nuclear trade and to deepen defence ties, steps they hope will establish an enduring strategic partnership. Read | Slideshow
- Video: Modi receives Obama at the airport
- "We have a deal" - insurance may unlock India-U.S. atomic trade
- U.S.-China climate deal does not put pressure on India, says Modi
- Obama backs India's solar goals, seeks support for climate talks
- Column - U.S. and India: Two democracies should join to balance China's rise
Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll. Full Article