Ineos, which is one of the world's five largest chemical companies, Mitsubishi Chemicals, Japan's top petrochemical maker, and Japan's Mitsui Chemicals are among the multinational companies in the fray for a stake in the Rs 12,500-crore OPaL.
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| OPaL is also considering an equity tie-up with Petronet LNG (PLL), sources said.
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| OPaL has roped in Rothschild and ABN Amro to scout for equity partners.
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| According to sources, the company is also in talks with a couple of oil and gas PSUs, including Indian Oil Corporation (IOC), and overseas financial institutions like the West Asia-based QIP group.
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| A senior ONGC official refused to comment on prospective investors, stating that negotiations were at an early stage and the partners would be finalised in the next couple of months.
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| ONGC holds a controlling 26 per cent equity share in OPaL, which is evaluating a number of partners, and the proportion of the equity tie-up will be less than 26 per cent.
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| The upcoming petrochemical complex is an anchor tenant in the upcoming Dahej Special Economic Zone (DSL), which is spread over 1,700 hectares. ONGC holds a 24 per cent equity stake in DSL, while state-owned Gujarat Industrial Development Corporation (GIDC) owns a controlling 26 per cent stake.
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| The petrochemical complex will come up on 500 hectares with a 55-acre ethane and heavier hydrocarbons (C2+) extraction unit adjacent to it.
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| Over 90 per cent of the work on ONGC's C2+ extraction plant is expected to be commissioned by this year. The unit will act as a feedstock provider to the petrochemical complex.
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| OPaL is targetting to sell the feedstock to companies like Reliance Industries-owned Indian Petrochemical Corporation (IPCL) in Dahej till its petrochemical complex commissions in 2012. |
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