PSUs including GAIL, Petronet LNG evince interest to buy OPaL stake

18-Aug-08
India's Public Sector Units, GAIL and Petronet LNG (PLL) have expressed interest to buy a 10% for (Rs.1500-2000 cr) and 5% stake respectively in ONGC Petro Additions' (OPaL) petrochem complex in Dahej. Other PSUs including Gujarat Narmada Valley Fertilizers (GNFC), which wishes to pick up equity in the petrochemical complex which is set to on 500 hectares in the Dahej SEZ with an extraction unit near it on 55 hectares. A dual feed ethylene cracker of 11,00,000 tpa has been planned, of which OPaL aims to sell 3,00,000 tpa in the open market. ABN-Amro and Rothschild have been delegated the duty to zero in on the Indian equity partners for the Dahej-based petrochem project. As of now, ONGC has 26% stake and GSPC holds 5% stake in OPaL Besides, global firms like Japan Polypropylene Corporation (JPP), LyondellBasell Industries, Ineos Group, Mitsubishi Chemicals, Mitsui, West Asia-based financial company QIP group are also eyeing a stake in the project.
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