23 June 2008 23:16 [Source: ICIS news]
NEW DELHI (ICIS news)--India’s Oil and Natural Gas Corporation (ONGC) and its subsidiary Mangalore Refinery & Petrochemicals Limited (MRPL) said on Monday they will exit the refinery and petrochemicals project at Kakinada in Andhra Pradesh State.
ONGC said various issues had affected the steering of the Kakinada Refinery & Petrochemicals Limited (KRPL) project and Kakinada Special Economic Zone (KSEZ).
ONGC and MRPL said “it will not be appropriate to continue as equity partners in these two projects”.
ONGC did not elaborate on these issues, which were called as “various hiccups” by MRPL in a separate statement.
According to industry sources, ONGC had planned to set up 15m tonnes/year refinery at ?xml:namespace>
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|