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News - Petrochemicals

  • Essar Oil edges out RIL, BPCL in race for Kenyan refinery (The Economic Times 11th Dec 2007) Essar Oil (EOL) is believed to be very close to sealing a deal to acquire a majority stake in Kenya Petroleum Refinery (KPRL), one of Kenya’s oldest refinery complexes with a capacity of four million tonnes. India’s largest oil company by market capitalisation, Reliance Industries (RIL) and state-owned refiner Bharat Petroleum Corporation (BPCL) were also in the race to acquire the 50% stake held by Chevron, Royal Dutch/Shell and British Petroleum (BP), it is learnt. The remaining 50% is held by the Kenyan government.
  • Mittal group may take part in oil, gas blocks’ bid (The Hindu Business Line 11th Dec 2007) New Delhi, Dec. 10 The seventh round of New Exploration Licensing Policy (NELP) will offer 57 oil and gas blocks. Speaking to newspersons here on Monday, the Petroleum Minister, Mr Murli Deora, said, “we will announce NELP-VII on ... More
  • ONGC Videsh`s Iran dream gets rude jolt from China (Business Standard 11th Dec 2007)India is being increasingly marginalised in Iran’s energy sector for reasons which range from political to economic. Its attempts at securing oil and gas blocks in the country and importing gas (as LNG and through a pipeline) seem to be hitting a dead end.
    The latest setback for India is the agreement between Iran and Chinese Sinopec for the Yadavaran oil and gas field. This effectively pushes out ONGC Videsh - the government’s overseas acquisition vehicle - which had shown an interest in the field.
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