IndianOil keen to set up petrochem complex in Oman
New Delhi   07-Sep-2010

The public sector IndianOil (IOC) has expressed interest to explore the feasibility of setting up a petrochemical complex in Oman, Government sources said. Such a gas processing/gas-based petrochemical complex of IOC would be based on rich gas available in Oman, they said.

Besides, IOC is also keen to take part in the future licensing rounds for oil and gas blocks in Oman. The company would also pursue all the available exploration and production opportunities.

In other developments in cooperation in the field of petroleum and natural gas, GAIL and Petronet LNG have expressed interest in buying liquefied natural gas from Oman on short-term and long-term contract basis.

This was disclosed during the recently held India-Oman Joint Commission Meeting in Muscat attended, among others, by the Commerce and Industry Minister, Mr Anand Sharma, and his Omani counterpart, Mr Maqbool Ali Sultan. Both sides also held a Joint Business Council Meeting, which was jointly organised by FICCI and OCCI.

IOC has offered its training and consultancy services to Oman Refineries and Petrochemicals Company (ORPC), while Oman oil and gas companies said they would welcome participation of Indian companies specialising in IOR/EOR (Improved Oil Recovery/Enhanced oil Recovery) techniques subject to prequalification and qualification processes in place.

India and Oman have also expressed satisfaction at their strengthening relationship in the hydrocarbon sector. In this regard, increasing Oman Oil Company's equity participation in BORL (Bharat Oman Refineries Ltd) refinery in India to 26 per cent, supply of increasing quantities of LNG and crude oil from Oman to India and cooperation in research and development were discussed.

BPCL has also proposed to expand the capacity of BORL refinery in Bina to 15 mtpa in 5-8 years (from the current 6 mtpa) following the commissioning of the refinery and plant stabilisation.