New Delhi, January 22 - Neftegaz.RU. Nayara Energy, 49.13% of which is held by Russian Rosneft, works on a milestone development programme for its Vadinar refinery. The 1st stage involves the organization of production of petrochemical products and a foray into Indian petrochemical market.
The 1st phase of the Vadinar refinery development programme includes construction of new units to provide for production of up to 450,000 tonnes of polypropylene per annum. The project is to be completed in 2022.
The 1st phase’s preliminary cumulative investments amount to $850 million. It is intended to fund the programme with the Indian company’s own means, as well as through bank financing. At the moment, the programme undergoes an economical evaluation, upon results of which a final decision on implementation of the project is to be made during 2019.
The new development programme will provide for strengthening of Nayara Energy’s financial performance and enhancing of the current production efficiency in medium term.
A meeting between the Republic’s PM Narendra Modi and Rosneft Top-management was held on the sidelines of Vibrant Gujarat Global Summit 2019 in India. During the meeting, the parties discussed prospects of cooperation and the development programme of Nayara Energy.
Rosneft and a consortium of international investors Trafigura and UCP acquired the asset from Essar Energy and its affiliates in August 2017. This provided an entry for Rosneft into one of the fastest-growing world markets.
To read the article in Russian.
