State-owned Indian Oil Corp (IOC) is eager to set up a multi-billion dollar petrochemical plant in Oman. IOC seeks a commitment from Oman on supply of rich-gas (natural gas containing C2/C3 - ethane, propane, compounds). GAIL and Petronet LNG- India's largest importer of liquefied natural gas, have expressed interest in buying LNG from Oman on long-term contract. Oil and Natural Gas Corp (ONGC) and IOC are keen to join oil and gas exploration and production business in the Gulf nation.
At the 6th Indo-Oman Joint Commission Meeting leaders of the countries expressed satisfaction at their growing ties in the hydrocarbon sector. The possibility of enhancing equity of Oman Oil company in the Bina-Oman Refineries Ltd. from the current 2% to 26% has been discussed.