ONGC to set up 15 mt refinery at Kakinada
New
Delhi,
Oct
31:
State-owned
Oil
and
Natural
Gas
Corporation
(ONGC)
today
said
it
will
set
up
a
new
15
million
tonne
refinery
at
Kakinada
with
an
investment
of
Rs
2,500
crore
and
is
in
discussion
with
Hindujas
for
a
stake
sale
in
the
refinery.
''The new refinery to be called Kakinada Refinery and Petrochemical Ltd (KRPL) will become operational in next three-four years. We are currently working on the economics and it is too early to say when will the refinery start,'' company Chairman R S Sharma told reporters here.
ONGC Group has a 49 per cent stake in the project with 46 per cent being held by ONGC and the rest three per cent with MRPL.
When asked about the IPO of KRPL, Mr sharma said it is a secondary thing.
UNI
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Story first published: Wednesday, October 31, 2007, 14:51 [IST]