Hinduja, ONGC plans to set up refineries
Hinduja Group is envisaging for setting up a 15 million tonnes refinery in Kakinada and LNG terminal at Mangalore in collaboration with state owned ONGC.
Talking to reporters, Hinduja Group executive vice-chairman Subir Raha said, the company in association with ONGC, was planning to invest $ 20 billion for oil exploration in two fields in Iran.
The company had been identified a world class size oil exploration field in Iran and was also looking for setting up a refinery in Kakinada, an LNG terminal at Mangalore, he said.
Hinduja Group has signed a MoUs with two Iranian firms, Petropars and PetroIran, which have been given the fields.
The development of Phase 12 of the giant South Pars field and the Azadegan field would cost $8 billion while setting up a facility to liquefy the gas for export as LNG, another $2 billion. In India, the consortium plans to invest $5 billion for setting up a 15 million tonnes refinery, $1 billion in LNG terminal and $3 to $4 billion in power and petrochemical plants.