Saudi Basic Industries Corp (SABIC) is seeking to buy about half of the $4.6-billion Oil and Natural Gas Corp. (ONGC) backed India’s biggest petrochemical plant, Reuters reported, citing sources familiar with the matter.
“They (SABIC} want to have a significant stake in ONGC Petro Additions Ltd (OPaL), around 50 percent,” a source told the news agency.
The second source added: “SABIC is the latest entrant. Recently SABIC has held talks with ONGC officials about a stake purchase."
Previously, ONGC had held talks about selling a stake in the project with Saudi Aramco, the world's largest oil producer, and Petrochemical Industries Co, a unit of Kuwait Petroleum Corp, the report said.
ONGC is a majority shareholder in ONGC Petro Additions Ltd, which operates OPaL in western Gujarat state.
In April, Saudi Aramco signed an initial deal with India to buy a 50 percent stake in a planned $44 billion refinery and petrochemical project at Ratnagiri, Maharashtra.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}