ONGC offers Kuwait stake in Gujarat project

“We discussed strategic partnership of Kuwait Petroleum Corp (KPC) in ONGC Petro-additions Ltd (OPaL),” ONGC Chairman & Managing Director R S Sharma said after delegation level talks between visiting Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah and Petroleums Minister Murli Deora. ONGC has 26 per cent stake in OPaL, gas utility GAIL 19 per cent and Gujarat State Petroleum Corp (GPSC) 5 per cent.

The rest 50 per cent is to be made up of strategic investor and financial institutions who are yet to be decided. The project is being targeted for completion in early 2013. KPC’s participation in ONGC Mangalore Petrochemicals Ltd, the firm building a Rs 5,750 crore aromatic complex.

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