Indian firm plans $9bn refinery JV in Egypt
Mumbai, December 10, 2007
India's top state-run refiner, Indian Oil Corp, will partner Egyptian General Petroleum Corp to jointly build a $9 billion refinery and petrochemical complex in Egypt, a report said.
'We have agreed to work out details of the project,' the Economic Times newspaper quoted Indian Oil's director for planning and business development, B M Bansal, as saying.
Talks on the size of the refinery, its cost or the location are yet to be finalised, he said.
However, citing unnamed Egyptian officials, the paper said the complex would be built near Gamasa or Port Said at a cost of $9 billion.
State-run Engineers India Ltd (EIL) told reporters on the sidelines of an energy conference in New Delhi that the firm hopes to conduct a feasibility study for the project.
'We have verbally communicated for the feasibility study. It should be of the size of 180,000-300,000 barrel per day refinery and petrochemical project,' Mukesh Rohatgi, EIL chairman, said.
Rohatgi said the study should be complete within 3-6 months but added EIL had yet to be told formally of the scope of the planned unit.
A spokeswoman for Indian Oil said she could not immediately comment on the report. - Reuters