Partners to review Vizag petrochem project
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26/09/2008
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Hindu (New Delhi)
NEW DELHI: The five-way alliance of Hindustan Petroleum Corporation, Indian born steel magnate L. N. Mittal, French energy giant Total, GAIL (India) and Oil India will take a call on the project structure and funding of the 14-15 million tonnes refinery and petrochemical project at Vizag in Andhra Pradesh in November.
Official sources said here that the companies were now doing a pre-feasibility study for the project. . The project structure and refinery configuration were likely to be ready by November and a decision on investment would be taken only after that, the sources added. The five companies have only signed a memorandum of understanding and the equity structure would be decided by the Steering Committee of all partners after the completion of the pre-feasibility study.
If this ambitious project goes through, this will be Mittal