Business Daily from THE HINDU group of publications
Thursday, Sep 27, 2007
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Business Daily from THE HINDU group of publications Thursday, Sep 27, 2007 ePaper |
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Alliances & Joint Ventures MRPL may opt for off-take pact for aromatic plant project Our Bureau Mangalore, Sept. 26 Mangalore Refinery and Petrochemicals Ltd (MRPL) may opt for strategic partner for long-term product off-take agreement at its proposed aromatic plant in Mangalore SEZ Ltd. A special purpose vehicle — ONGC Mangalore Petrochemicals Ltd (OMPL) — has been set up for the implementation of the aromatic complex project. A spokesperson of the company told Business Line that the company is talking to Mitsui and Mitsubishi for participation in the project. These companies have assured to come back after talking about this with their managements. “They have shown interest in buying the proposed plant’s entire paraxylene output,” the spokesperson said. The production capacity of the aromatic complex will be of 9,20,000 tonnes a year of paraxylene. It may be noted here that the project is being implemented in Mangalore SEZ Ltd through OMPL. While ONGC holds 46 per cent in OMPL, MRPL holds 3 per cent. The rest 51 per cent of equity is with financial institutions. The company was incorporated on December 19, 2006. The estimated capital expenditure of the complex will be Rs 4,852 crore. The complex is expected to be completed in 48 months with February 9, 2007 as the start date. Toyo Engineering India Ltd is the project management consultant. More Stories on : Alliances & Joint Ventures | Petrochemicals
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