State-run Oil and Natural Gas Corporation (ONGC) has awarded a Rs 6,800-crore contract for a dual feed cracker unit at its mega petrochemical project at Dahej in Gujarat to the consortium of Linde AG of Germany and Samsung Engineering of South Korea.
ONGC Petro-additions (OPaL), a special purpose vehicle set up by ONGC for setting up the petrochemical project at Dahej, signed the lump-sum turnkey (LSTK) contract with the Linde-Samsung consortium on February 10, a company press statement said here.
The contract was signed by ONGC Director (Business Development) A K Balyan, Linde Engineer Managing Director S Serhan and Samsung Engineering President and CEO Y J Jung.
ONGC holds 26 per cent stake in OPaL, which is building the Rs 12,440 crore project by February 2012. ONGC's equity contribution works out to Rs 970 crore and internal rate of return works out to 15.4 per cent.
Linde-Samsung have been awarded the contract to build a turnkey ethylene plant, which will be the largest of its kind in India and one of the largest ethylene plants in the world.