Oil and Natural Gas Corporation (ONGC) is seeking overseas investors for its Rs 22,000 crore refinery and petrochemicals project at Kakinada in Andhra Pradesh. The company is currently in talks with two prospective investors for the unit that is planned to be an export-oriented unit. Export of products is being planned to take advantage of its higher-than average refining margins gained from low labour and land costs.
ONGC plans to set up a 15 million ton refinery to export petroleum products, including gasoline, diesel and naphtha
09-Jul-07 
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