Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) is seeking to purchase a 50% stake in an Indian petrochemical project.
The project, which backed by Oil and Natural Gas Corp (ONGC), amounted to $4.6 billion, according to Reuters.
ONGC, India's biggest explorer, owns a majority stake in ONGC Petro Additions Ltd (OPaL) that operates the Asian nation's largest petrochemical plant in western Gujarat state.
ONGC had held talks to sell a stake in the project with Saudi Aramco and Petrochemical Industries Co, which is a subsidiary of the Kuwait Petroleum Corporation (KPC), sources familiar with the matter said.
“SABIC is the latest entrant. Recently SABIC has held talks with ONGC officials about a stake purchase,” Reuters reported, citing the sources as saying.
It's worth noting that India and Saudi Arabia are keen on bolstering their trade ties. To this end, Saudi Aramco inked an initial deal with India to acquire a 50% stake in the west coast refinery and petrochemical project with a capacity of 1.2 million barrels per day.
