"We have received interest from PdVSA for taking a stake. We are evaluating the offer," a company official said on the sidelines of the 19th World Petroleum Congress here.
The Indian firm, which is targeting completion of the refinery in Orissa by the third quarter of 2011 calendar year, is keen on retaining 51 per cent controlling stake in the project and can give PdVSA a maximum of 49 per cent.
"We are not exactly looking for a partner just for getting money. We want someone who bring value. In this case, PdVSA has said it can supply Venezuelan crude to the refinery," the official said, adding that the company was looking at sourcing at least 50 per cent of the crude requirement.
Paradip refinery, he said, is being configured to process the toughest, heaviest and the most dirtiest crudes.
"Our refinery will have a Nelson Complexity Index of 15." Reliance Petroleum's upcoming export oriented refinery at Jamnagar has a Nelson complexity of 14.
The higher the index, the more technically capable a unit is to process tough high sulphur, waxy crudes.
IOC board has split the refinery cum petrochemical complex into two, deciding to do the refinery first and the chemical unit will follow later.
The board has approved project cost of Rs 29,777 crore and will start tendering for lead items next month.
