Shell Plans Indian Petchems JV
Shell is planning to take a 50% stake and invest up to $9 billion in a petrochemical complex planned by privately held Indian oil company Nayara Energy, according to Reuters news agency.
Quoting sources familiar with the matter, Reuters said the two companies signed a Memorandum of Understanding in June to establish a joint venture. Shell has not commented on the story.
The proposed complex will be built at Vadinar, Gujarat state, where Nayara already operates a refinery, and comprises a 1.8 million t/y steam cracker and downstream units, including aromatics. Overall capacity will be 10.75 million t/y of petrochemicals with completion scheduled in five years’ time.
Nayara is already building a 450,000 t/y PP plant at Vadinar, using Unipol technology from W.R. Grace, as well as a 200,000 t/y methyl tertiary-butyl ether plant. Start-up is scheduled by the end of 2022.
Based in Mumbai, the Indian firm, formerly known as Essar Oil, is 49.13% owned by Russian energy group Rosneft.
Author: Elaine Burridge, Freelance Journalist
