ONGC Mittal Energy Ltd (OMEL) has received approval from the Nigerian National Petroleum Corporation (NNPC) for setting up a refinery in Nigeria. OMEL is a JV between Mittal Investments Sarl and ONGC Videsh.
OMEL is planning to set up a 1,80,000 bpd refinery (nine million tpa), a 2,000 MW power plant and a railway line connecting eastern and western Nigeria. In 2005, the JV had secure rights to explore OPL-279 and OPL-285 blocks after committing to invest $6 billion (approx Rs 30,000 crore) in Nigeria. OMEL has already carried out a pre-feasibility study for the refinery project.
OPL-279 is a deepwater offshore exploration block wherein OMEL, through its wholly owned subsidiary OMEL Exploration & Production Nigeria Ltd (OENL), holds 45.5 per cent stake and operatorship of the block. The other partners in the block are EMO, Nigeria with 40 per cent stake and TOTAL with 14.5 per cent stake.
OMEL, through its subsidiary ONEL holds 64.33 per cent stake and operatorship in the other OPL-285 deepwater block. In this block, the other partners are EMO which holds 10 per cent and TOTAL has 25.67 per cent interest.
Source : ProjectsToday
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