Mumbai: Liquefied gas importer, Petronet
LNG Ltd (PLL), is keen to acquire up to 10 per cent stake in
ONGC Petro-additions Ltd (OPaL), which is setting up a cracker
complex in Gujarat, a senior ONGC official said.
"Petronet LNG has shown interest to acquire up to 10
per cent stake in OPaL. The board will take a decision on the
matter," ONGC Director (Human Resources and Business
Development), A K Balyan, told reporters here today.
OPaL is a Rs 12,440-crore petrochemicals project,
being set up by ONGC at Dahej in Gujarat.
The company is also looking to hit the capital market
in the next fiscal but has yet to decide on the amount of
stake to be made public, he said.
"We are certainly looking at an IPO for OPaL and it is
up to the board to decide how much would be off-loaded. The
IPO is likely to happen next year," Balyan said.
State-run Oil and Natural Gas Corporation (ONGC) holds
26 per cent stake in OPaL, the special purpose vehicle formed
for setting up a chemical complex at Dahej SEZ.
Five per cent stake is with Gujarat State Petroleum
Corporation (GSPC).
ONGC has agreed to sell 19 per cent stake in ONGC
Petro-additions Ltd (OPaL) to GAIL.
Balyan said the project has completed financial
closure with help from a consortia of over 20 banks led by
State Bank of India.
The company has already awarded equipment contracts
worth Rs 7,000-crore to a consortium of Germany's Linde and
Korea's Samsung.
Besides, Ineos has been chosen as a technology
licensee for polyproplene, Balyan said.
The board will today review new project contracts and
the progress of ongoing work, he added.
Bureau Report
First Published: Wednesday, November 18, 2009, 21:37