INDIA BUSINESS WORLD - OCTOBER 21^st - NOVEMBER 15^th - 2007

LN MITTAL SIGNS MOU WITH HPCL FOR $6-BILLION REFINERY AT VISHAKHAPATNAM

The LN Mittal group has signed a memorandum of understanding (MoU) with HPCL, French oil major Total, Gail and Oil India for jointly developing a $6-billion refinery-cumpetrochemical complex in Vishakhapatnam. The 15 million tonne per year refinery project also includes a 1 million tonne olefins and aromatics complex. The exact equity structure and project cost would be decided after the feasibility studies are completed. Mr Mittal has already picked up a 49% stake in HPCL's $3.6-billion Bhatinda refinery. He has also evinced interest in venturing into the exploration and production sector. The L N Mittal group may participate in the forthcoming round of bidding exploration blocks under NELP-VII.