Yemen invites ONGC to build $1-bn refinery
By TNN |
Highlights
NEW DELHI: Yemen has invited ONGC to build a 1,00,000 barrels-per-day refinery on its Arabian Sea coast. But the state-run company has asked for an allotment of an oilfield in return for participation in the $1-billion project.
���We have plans to build 1,00,000 barrels per day refineries at Hardamout and southeastern region of Al-Mukalla. We have invited ONGC to participate in one of them,��� Yemen���s oil minister Khalid Mahfoudh Bahah said on Wednesday.
The projects will typically involve an investment of $1 billion each and can be wholly-owned by foreign companies. ���They will have the freedom to sell products in local market as well as export.��� The projects discussions with prospective investors will be concluded by 2008 and construction will take another 3 years.
���ONGC has said they will think of participation in the refinery projects when they are given an oil block in Yemen,��� the minister said. Yemen, he said, was not considering allocating an oil block to ONGC on nomination basis.
���We want to do away with such a dispensation. We want to put all on an equal footing. They will be invited to participate in the fourth round of offering of exploration blocks in second half of 2007,��� he said.
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Five to ten offshore exploration blocks will be available for competitive international bidding. This will be Yemen���s maiden tender for an offshore exploration block. Mr Bahah said Yemen also plans to set up a petrochemical complex based on its gas reserves.Start a SIP with as low as ₹500 with ET Money App!
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