07 September 2010 06:57 [Source: ICIS news]
MUMBAI (ICIS)--Oman Oil Company plans to invest around $3bn (€2.3bn) to revive closed plants of two Indian fertilizer firms and expand a third fertilizer facility, a source from India's Ministry of Commerce said late on Monday.
The decision was made during the sixth session of the India-Oman joint commission meeting in ?xml:namespace>
The agreement was still at a very basic stage and the two sides planned to explore the idea further through an official working group, which would consist of executives from Oman Oil, the Indian government and representatives from Krishak Bharati Cooperative (Kribhco) and RCF, the source said.
FCI and the HFCL own eight urea plants at Barauni, Talcher, Ramagundam,
Other plans include expanding the capacity of the Oman India Fertilizer Company's (OMIFCO) ammonia-urea facility at Sur Industrial Area, Oman, by 30% to 250,0000 tonnes/year, the source said, but did not provide details about the funding for the expansion.
The expansion would take place once the company gets additional feedstock gas supply from the government, the source added.
OMIFCO is owned by Oman Oil (50%), Indian Farmers Fertiliser Cooperative (25%) and Kribhco (25%).
($1 = €0.78)
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