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INDIA'S ONGC BIDS FOR US$3.75 BLN REFINERY PROJECT IN ANGOLA.
NEW DELHI, Nov 1 Asia Pulse - State-owned Oil and Natural Gas Corp (NSI:ONGC) has bid to participate in Angola's US$3.75-billion Sonaref project to build a 10 million tonne refinery at Lobito.
Sonaref project involves setting up a grassroot refinery of 200,000 barrels per day (10 million tonnes a year) capacity at Lobito on the Atlantic Coast and is linked with equity participation in exploration of deepwater blocks 15, 17 and 18, industry sources said.
ONGC plans to participate in the Sonaref project through its subsidiaries ONGC Videsh Ltd for upstream exploration and Mangalore Refinery and Petrochemicals Ltd (BSE:500109) for the refinery project.
Sources said the company had in July held talks with Sonangol in London to finalise partners for the project and firm up structure of the partnership. Sonangol had also invited Hydro, Exxon, Sinopec, Chevron, Energem, Petrosa and the existing group of partners in Block 15, 17 and 18 for the talks.
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Source: HighBeam Research, INDIA'S ONGC BIDS FOR US$3.75 BLN REFINERY PROJECT IN ANGOLA.