India’s newest petrochemicals maker is seeking to sell half its $4.6 billion facility to Saudi Arabian Oil Co., according to people with knowledge of the matter.
Formal talks between ONGC Petro additions Ltd. and the world’s biggest oil exporter, known as Saudi Aramco, will start soon, said the people, who asked not to be named as the information isn’t public. OPaL’s earlier talks with a unit of Kuwait Petroleum Corp. about investing in the project stalled last year, the people said.
A spokesman for OPaL was unable to comment. Saudi Aramco and Kuwait Petroleum didn’t immediately respond to requests for comment.
Saudi Aramco, which is the biggest supplier of crude oil to India, has shown interest in a proposed 60 million tons-a-year refinery and petrochemicals project being planned by Indian state refiners on the nation’s west coast, India’s Oil Minister Dharmendra Pradhan said on March 30.
The Saudi oil major has already invested in integrated refining, chemicals, marketing and distribution companies in the region. Last month, it bought half of a Malaysian oil refinery and petrochemical plant and signed a deal to provide up to 70 percent of its crude requirements. Separately, the Saudi oil giant signed a $6 billion oil refinery deal with Indonesia’s PT Pertamina. Read More…
Credit By : Bloomberg Quint
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