India's GAIL and IOC mull chems projects with PIC

28 December 2007 16:50  [Source: ICIS news]

NEW DELHI (ICIS news)--GAIL (India) Limited and Indian Oil Corporation (IOC) are exploring the prospect of collaborating with Kuwait’s Petrochemical Industries Company (PIC) to establish petrochemical projects in Kuwait, a Ministry of Petroleum & Natural Gas spokesperson said on Friday


GAIL was exploring prospects of participation in both gas-based projects and refinery-integrated petrochemical projects, he added.


IOC, on other hand, would like PIC to take an equity stake in a naphtha cracker-cum-polyolefins complex at Panipat in Haryana State.


The Indian Rupees (Rs) 144bn ($3.7bn) complex is slated for full commissioning by December 2009. The naphtha cracker was, however, targeted for startup by September 2009, the official said.


IOC was also keen for PIC’s participation in petrochemical projects at refinery-cum-petrochemicals complex at Abhayachandrapur in Orissa State.


The former was also separately pursuing its offer to PIC’s associate company Kuwait Petroleum International Limited for equity participation in the first phase of a refinery-cum-petrochemical complex.


Phase I of the project would comprise a 15m tonnes/year refinery and four petrochemical units. It  is slated for commissioning in 2011-12. The Rs256.46bn Phase I complex, referred to as the Paradip refinery, would produce paraxylene, styrene, polypropylene and alkylate.


Phase II would comprise a mixed-feed cracker-cum-polyolefins complex. Its start-up is planned for 2013-14.


($1 = €0.68) ($1 = Rs39.30)

By: Naresh Minocha
+65 6780 4359

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