ONGC's talks to sell stake in mega petrochemical plant at Dahej in Gujarat to Kuwait's Petrochemical Industries Company (PIC) remain inconclusive, as per Economic Times.
PIC, a subsidiary of state-run Kuwait Petroleum Corp (KPC), was in talks to buy at least 26% stake in ONGC Petro-additions Ltd, the firm that is building the Rs 27,122 crore project.
ONGC set up ONGC Petro-additions Ltd (OPaL) for building a mega petrochemical complex at Dahej in Gujarat. The plant was originally planned to come on stream by end 2012 but delays have led to two revisions in completion dates. Officials said the plant was mechanically completed by April 2015 and one of the units commissioned in June. Other units will be sequentially commissioned and the entire plant would start operations by fourth quarter of 2015 calendar year. The 1.1 mln ton plant was in 2006 estimated to cost Rs 12,440 crore. But since then the project cost has been revised thrice - first to 15,870 crore in end 2008, then to Rs 19,535 crore in June 2010 and to Rs 21,396 crore in August 2012. The project cost has undergone further cost-escalation and completion cost is now estimated at Rs 27,122 crore
31-Jul-15 
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