Essar likely to sign 4 MoUs for expansion of refinery and petrochem project

12-Jan-09

Essar Oil is likely to sign four major MoUs with the state government in Vibrant Gujarat Global Investors' Summit (VGGIS) 09 scheduled to begin on Monday. With proposed investment of Rs.21,000 crore, the MoUs that will be signed include expansion plans of the Vadinar refienery in Jamnagar and petrochemical complex to be set up at Vadinar. The first MoU will be a Rs 4000 crore deal to be signed for expansion of refinery capacity from present 14 mln tpa to 16 mln tpa. The second MoU will encompass further expansion of the refinery from 16 mln tpa to 32 mln tpa, subject to existing market conditions. Another MoU will be for a petrochemical complex will be at an investment of Rs 4,000 crore. Essar will also invest around Rs 1000 crore in a project on underground coal gasification, for which details are being worked out.