India-based Nayara Energy Limited, partially owned by Russia's energy giant Rosneft (49.13 percent), plans to launch petrochemical production at an oil refinery in India's Vadinar in 2022, Rosneft said on Monday
MOSCOW (Pakistan Point News / Sputnik - 21st January, 2019) India-based Nayara Energy Limited, partially owned by Russia's energy giant Rosneft (49.13 percent), plans to launch petrochemical production at an oil refinery in India's Vadinar in 2022, Rosneft said on Monday.According to the press release, the first stage of the development of the company's oil refinery in Vadinar involves organizing the production of petrochemical products and entry to the Indian petrochemical market. This decision has already been approved by the board of directors of Nayara Energy.
"The first phase of implementation of the development program of the Vadinar oil refinery includes the construction of new facilities that will allow producing up to 450,000 tonnes of polypropylene per year. The project is scheduled to be completed in 2022. A preliminary total investment at the first phase will amount to $850 million," the company said.
Financing is planned to be provided at the expense of the Indian company's own funds, as well as with the involvement of bank financing. At present, an economic evaluation of the program is being carried out and a final decision on implementing the project will be made in 2019, according to Rosneft.
The new development program will allow in the medium term to improve the financial performance of Nayara Energy and optimize the existing production processes.
