The Hindu Business Line : Cairn yet to decide on venture with ONGC

CAIRN Energy Plc has said that it is yet to make up its mind on whether it would like to become a joint venture partner with Oil and Natural Gas Corporation (ONGC) for setting up a refinery in Barmer, Rajasthan.

According to Mr Philip Tracy, Chairman, Cairn Energy India Ltd, various options were being discussed, including the proposal to set up a joint venture, but nothing had been decided as yet.

Speaking to a select media group, Mr Tracy said the company's main focus was the upstream sector, and it had yet to decide whether to foray into the downstream sector. He, however, said that Cairn would be supportive of ONGC's approach for developing the field.

ONGC and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) have been nominated by the Ministry of Petroleum & Natural Gas to get the crude from fields in the Barmer district of Rajasthan. Cairn Energy was the operator of the block that discovered the largest onshore oil in the last 25 years.

ONGC has a right to take 30 per cent stake in the block. Subsequent to the oil discoveries made by the Cairn Energy consortium in Barmer, ONGC, through MRPL, had shown interest in setting up a refinery with a capacity of 7.5 million tonnes per annum.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ONGC's AP refinery to be ready in 42 months

Nagarjuna Thermal to announce financial closure for power plant

Subhash Projects bags Rs 363-cr rural electrification contracts

ICAI for mutual recognition agreement

CEC against granting permission to Vedanta for alumina refinery

BPCL revises Bina refinery project cost to Rs 9,100 cr — Bharat Oman Refineries to go in for IPO

Cairn yet to decide on venture with ONGC

GE Healthcare to step up investments

OVL pays first-ever dividend of Rs 105 cr to ONGC