ONGC talks to Hindujas for Kakinada refinery
October 31, 2007 13:34 IST
Oil and Natural Gas Corporation said on Wednesday it is in talks with London-based Hindujas for jointly developing a Rs 24,000-25,000 crore (Rs 240-250 billion) refinery at Kakinada in Andhra Pradesh.
"We are in the last stage of sensitivity studies and a decision on the project will be taken by November end," ONGC Chairman and Managing Director R S Sharma told reporters.
The decision on a strategic partner will be taken after the study is completed.
ONGC has 46 per cent stake in Kakinada Refinery and Petrochemical Ltd, the special purpose vehicle that is building the 15 million tonne refinery. ONGC's subsidiary MRPL has 3 per cent stake in the refinery.
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