IOC mulls petrochem plant in Yemen

22-Jan-07

If Indian Oil Corporation (IOC) is allocated a gasfield in Yemen, the company is interested in participating in a petrochemical plant in the country. This statement follows an invitation by the Yemenese oil minister for Indian investment in oil and gas exploration, refineries and pipelines and petrochemical plants. Yemen was open to exporting natural gas to India provided it found more gas reserves. The current 17 trillion cubic feet gas reserve were all committed to domestic and long term consumers overseas. IOC that is planning big forays into petrochemical business, sees Yemen as an opportunity to expand in the overseas markets.