After forging a joint venture with HPCL to set up a refinery in Punjab,
LN Mittal group has signed a memorandum of understanding with HPCL,
Total, Gail and Oil India for jointly developing another
refinery-cum-petrochemical complex in Vishakhapatnam. The
15-million-tonne/year refinery project involves about $6 billion
investment.
“We have today signed an MoU for undertaking feasibility study of the
mega complex,” HPCL CMD Arun Balakrishnan told media persons. The
project also includes one-million-tonne olefins and aromatics complex.
He said the exact equity structure and project finances would be
decided only after the feasibility studies are completed. Mittal group
has already picked 49% equity stake in HPCL’s $3.6-bn Bhatinda
refinery. The plant is likely to be set up in an SEZ. It is expected
that the refined products would be exported to markets in South-East
Asia and the Middle East.
Mittal group is also interested in venturing into country’s exploration
and production sector. It may participate in the forthcoming round of
bidding for exploration blocks under Nelp VII.
“We are interested in oil and gas exploration as well as refinery and
petrochemical business in India. We haven’t yet seen the blocks on
offer in NELP-VII, (but) we will certainly consider bidding,” an
official in Arcelor-Mittal said.
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