Petronet may acquire up to 10 per cent stake in OPaL

19 Nov 2009

Liquefied gas importer, Petronet LNG Ltd (PLL), is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd (OPaL), which is setting up a cracker complex in Gujarat. OPaL is a Rs 12,440-crore petrochemicals project, being set up by ONGC at Dahej in Gujarat.

 

OPaL is also looking to hit the capital market in the next year but has yet to decide on the amount of stake to be made public. ONGC holds 26 per cent stake in OPaL, the special purpose vehicle formed for setting up a chemical complex at Dahej SEZ. Five per cent stake is with Gujarat State Petroleum Corporation. ONGC has agreed to sell 19 per cent stake in ONGC Petro-additions Ltd (OPaL) to GAIL.

 

The company has already awarded equipment contracts worth Rs 7,000-crore to a consortium of Germany’s Linde and Korea’s Samsung. Besides, Ineos has been chosen as a technology licensee for polyproplene.

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