India offers stake in strategic petrochemical projects to Qatar

17-Apr-12

India has offered Qatar stake in some of the major projects, including the petrochemicals complex at Dahej in Gujarat, Indian Oil Corporation's (IOC's) LNG project in Ennore, Tamil Nadu, BPCL's petrochemical project in Kochi, petrochemical project in Mangalore and investment opportunity in the Paradip refinery and petrochemical project to further enhance its strategic partnership and ties. These offers were made to Qatar's Emir, Sheikh Hamad bin Khalifa Al Thani during his talks with the Petroleum and Natural Gas Minister Jaipal Reddy. According to official documents, India offered to Qatar a strategic partnership in the Dahej petrochemical complex being developed in the Special Economic Zone (SEZ). Oil and Natural Gas Corporation (ONGC) is the promoter of the project on the West Coast. The estimated cost of the project is around US$4.25 bln. The project is scheduled to be completed by 2013. Qatari cooperation has been sought for long-term supplies of LNG for IOC's LNG project at Ennore, Tamil Nadu, with capacity of 2.5 mln mmtpa (expandable to 5 mmtpa) LNG import and re-gasification terminal. Feasibility studies and management approval process for the project are under progress. IOC is also implementing a 15 mmtpa refinery at Paradip. IOC has now initiated a detailed feasibility study of petrochemicals complex based on FCC off-gases. IOC has sought developing the project in a joint venture with the National Oil Companies of Qatar. Bharat Petroleum Corporation Limited (BPCL) is scouting for an overseas partner for it proposed petrochemical complex at Kochi. The project is expected to cost around Rs.9,000 crore and BPCL has put up an investment proposal before the Qatar Government for the project. Strategic investment partner status is being considered to be offered to Qatar for the petrochemicals complex being set up by the special purpose vehicles (SPV), ONGC Mangalore Petrochemicals Limited (OMPL), at an estimated cost of US$1.25 bln.