ONGC offers stake in petrochem projects to Kuwait Petroleum

NEW DELHI Tue Jan 14, 2014 1:10pm IST

Related Topics

Stocks

   

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)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Food Security

Food Security

India will not cut multi-billion dollar food handout programme - PM  Full Article 

Ola's Expansion Drive

Ola's Expansion Drive

Taxi group Ola steps up expansion drive  Full Article 

Sahara Saga

Sahara Saga

Sahara's Grosvenor House hotel in London put up for sale   Full Article 

Suzlon Energy

Suzlon Energy

Suzlon expects to turn profitable in fiscal 2016: chairman   Full Article 

Eicher Motors Stake

Eicher Motors Stake

Volvo selling up to $300 mln worth of Eicher shares  Full Article 

Beef Trade

Beef Trade

Maharashtra clamps down on beef trade through new act  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage