ONGC, Mittal Group Plan Nigeria Refinery
Posted on: Monday, 14 November 2005, 06:00 CST
NEW DELHI - India's top oil exploration firm Oil & Natural Gas Corp. and the world's largest steel maker, the Netherlands-based Mittal Group, plan to build an oil refinery in Nigeria and have offered to invest another $6 billion in building a power plant and railroads in the African nation.
The proposals were made as part of a deal last week that allows the ONGC Mittal Energy Ltd. - a joint venture between the Indian energy company and Mittal - to explore and develop Nigerian oil blocks that could produce an average 650,000 barrels of oil over 25 years, said a statement posted on the ONGC Web site.
The agreement "envisages several projects to address the imperatives of the Government of Nigeria as well as to meet India's surging energy requirements in a mutually beneficial manner," the statement said.
ONGC Mittal Energy has also proposed to build an export-oriented refinery with a capacity to process 180,000 barrels of crude in a day.
Separately, it offered to invest up to $6 billion in building railroads and a 2,000-megawatt coal- or gas-based power plant, the statement said.
This is the first major investment announcement by ONGC Mittal Energy Ltd. since it lost out to China National Petroleum Corp. in bid for a controlling stake in Canadian-based oil company PetroKazakhstan Inc.
The joint venture was set up in July as part of energy-hungry India's efforts to secure supplies from overseas. The company focuses on opportunities in countries such as Indonesia, Kazakhstan, Azerbaijan, Trinidad & Tobago, and Angola.
Source: Associated Press/AP Online
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