ONGC Seeking Investor for 25% Stake
ONGC Seeking Investor for 25% Stake
In OPAL Complex in Gujarat, India
In OPAL Complex in Gujarat, India Gujarat—Oil and
Natural Gas Corp. (ONGC), the promoter of the ONGC
Petro-Additions Ltd. (OPAL) project in Dahej, Gujarat,
India, has retained Ernst & Young to find a strategic partner
for at least a 25% interest in OPAL (PCN, 18 Mar
2013, p 2).
The $3.24-billion project includes units to produce 1.1-
million t/y of ethylene, 340,000 t/y of propylene, 720,000 t/y
of linear low- and high-density polyethylene, 340,000 t/y of
polypropylene (PP), 95,000 t/y of butadiene and 135,000 t/y
of benzene. Production is expected to begin in 2015.
ONGC holds a 26% interest in OPAL, GAIL India holds
15.5% and Gujarat State Petroleum Corp. holds 5%. Once
ONGC finds a strategic investor for a 25% interest, the
company expects to launch a public offering.
Among the parties that have expressed interest are
Saudi Aramco, Basell, Qatar Investment Authority and
Kuwait Investment Authority.