State-run Indian Oil Corp. Ltd. has offered stakes in its Panipat petrochemicals plant and a refinery at Paradip, to Kuwait. Preliminary discussions have been focused on the possibility of equity participation, though the quantum of stake offered to have not been disclosed. Kuwait, the fourth largest oil producer in West Asia, is considering investing in Indian refineries to win a greater share of crude sales.
IOC envisages an investment of Rs 21,000 crore in a 15 million tpa project at Paradip, with facilities for production of petrochemicals, including paraxylene, polypropylene and styrene. IOC also plans to invest another Rs 11,000 crore in a naphtha cracker, adjacent to its Panipat refinery, for the manufacture of 800,000 tpa of ethylene and 600,000 tpa of propylene.
20-Jun-06 
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