Financial Daily from THE HINDU group of publications
Friday, Jul 08, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 08, 2005 |
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Industry & Economy
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Petroleum ONGC-Cairn, HPCL, IOC bid for Rajasthan refinery Our Bureau
New Delhi , July 7 THE Union Government has received three bids for the proposed refinery in Rajasthan. The Government will now have to choose from the ONGC-Cairn combine, Indian Oil Corporation and HPCL to set up a refinery in Rajasthan with an annual crude processing capacity of 4.5-5 million tonnes. The Ministry of Petroleum and Natural Gas has asked the players to submit their proposals by June 30. According to official sources, three bids have been received. Cairn Energy has discovered more than 500 million barrels of proven reserves in Barmer district of Rajasthan and hopes to begin production from mid-2006. ONGC has a 30 per cent stake in Cairn Energy's Rajasthan oilfields. ONGC, through its subsidiary, Mangalore Refinery and Petrochemicals Ltd, and Cairn Energy of UK want to set up a refinery in Barmer district. On the other hand, IOC is claiming rights over the crude produced from Cairn fields in Rajasthan by virtue of being the Government-nominated agency for marketing the crude. IOC plans to either pipe it to its Panipat refinery in Haryana or set up a wellhead refinery in Rajasthan. Besides IOC, HPCL is another claimant to setting up a refinery in Rajasthan, as it has plans for one in Punjab. It also said that a refinery by either IOC or ONGC-Cairn would dampen the prospects of its Bhatinda refinery. Meanwhile, Cairn officials said that the company is also weighing an option of setting up a crude distillation unit so that Rajasthan crude could be processed with imported crude. It plans to integrate its Bhagyam field in the Rajasthan block with the field development plan later this year.
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