SABIC eyes 50% stake in India’s largest petchem plant: report

10/05/2018 Argaam

 

Saudi Basic Industries Corp (SABIC) is seeking to buy about half of the $4.6-billion Oil and Natural Gas Corp. (ONGC) backed India’s biggest petrochemical plant, Reuters reported, citing sources familiar with the matter.

 

“They (SABIC} want to have a significant stake in ONGC Petro Additions Ltd (OPaL), around 50 percent,” a source told the news agency.

 

The second source added: “SABIC is the latest entrant. Recently SABIC has held talks with ONGC officials about a stake purchase."

 

Previously, ONGC had held talks about selling a stake in the project with Saudi Aramco, the world's largest oil producer, and Petrochemical Industries Co, a unit of Kuwait Petroleum Corp, the report said.

 

ONGC is a majority shareholder in ONGC Petro Additions Ltd, which operates OPaL in western Gujarat state.

 

In April, Saudi Aramco signed an initial deal with India to buy a 50 percent stake in a planned $44 billion refinery and petrochemical project at Ratnagiri, Maharashtra.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.