ONGC bids for $3.75bn refinery project in Angola

Oil and Natural Gas Corporation (ONGC) has bid for participation in Angola's $ 3.75 billion Sonaref project to build a 10 million tonne refinery at Lobito.

The project involves setting up a grassroot refinery with a capacity of 2,00,000 barrels per day, and is linked with equity participation in exploration of deepwater blocks 15, 17 and 18, official sources said today.

ONGC plans to participate in the project through its subsidiaries - ONGC Videsh for upstream exploration and Mangalore Refinery and Petrochemicals for the refinery project, they added.

Angola's state-owned Sonangol would hold up to 40% interest in the projct, and is looking for partners to keep minimum 20% stake. The project is expected to be completed by 2009-10.