Investors sought for Mangalore aromatics complex
13 July 2007 18:00 [Source: ICIS news]
NEW DELHI (ICIS news)--
MPRL was seeking investors a view to sourcing paraxylene for a purified terephthalic acid (PTA) plant. Strategic investors would be selected within a few months, the official added.
MRPL’s parent company Oil and Natural Gas Corporation (ONGC) has appointed an investment bank to look for separate strategic investors for the proposed aromatics complex at Mangalore in Karnataka and ONGC's proposed olefins plant at Dahej in Gujarat.
The Indian rupees (Rs) 48.52bn ($1.2bn) aromatics complex will have paraxylene capacity of 1m tonnes/year and benzene capacity of 140 000 tonnes/year.
The company has already appointed Toyo Engineering India Limited as project management consultant (PMC).
The official said that the complex would achieve financial closure by the end of 2007 and be on stream by the end of 2010.
The aromatics project is being promoted by ONGC Mangalore Petrochemicals Limited, in which ONGC has a 49% stake MRPL has 3% and the balance by banks, financial institutions and strategic investors.
The aromatics complex would be located in 588-hectare special economic zone (SEZ), which the Indian government formally approved on Thursday.
This export-focused territory would be developed and managed by Mangalore SEZ Limited (MSL) and would be located adjacent to the existing refinery of MRPL.
The SEZ will also house an olefins complex, which will also be promoted by ONGC in association with its subsidiary MRPL.
($1 = Rs40.28)
By: Naresh Minocha
+65 6780 4359
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