IOC to partner in a refinery project at Tatarstan

Indian Oil Corporation (IOC) plans to enter the Russian oil and gas sector, as a participating partner, in a 12-15 million tpa refinery project, at Nizhnekansk in the Republic of Tatarstan. The cost of the refinery is estimated between $6-7 billion.

IOC is asked to carry out the techno-economic feasibility studies, which is to be jointly undertaken with the Republic of Tatarstan. Financial aspects and shareholding of the project, will be eventually finalised by the consortium partners executing the project.

Sanmar to revive operations of TCI of Egypt

Sanmar group plans to invest another $275 million (Rs.1,200 crore) in addition to the earlier $275 million, in reviving main operations and downstream products of the recently acquired plant of Trust Chemical Industries (TCI), Egypt. This is part of Sanmar's Rs.3,950 crore investment programme.

TCI's year old plant at Port Said on the Suez Canal, will be producing 275,000 tonne of caustic soda, and 235,000 tonne of chlorine. The chlorine will be used to produce 400,000 tonne of Vinyl Chloride Monomer (VCM), a feedstock for PVC produced by Chemplast.

OMEL has secured preferential rights of first refusal for Nigerian block

ONGC-Mittal Energy (OMEL), the JV between L.N.Mittal and state-owned Oil & Natural Gas Corporation (ONGC) have won the preferential rights of first refusal, on Block 250 of Nigeria, in return for a pledge to carry out a feasibility study into a new railroad. The partnership will invest around $2 billion in the African country's infrastructure.

In the last bidding of Nigeria, 10 foreign and local companies were given preferential rights for 20 blocks, which were under Nigeria's right of first refusal (RoFR) system . As per the terms of the right of first refusal deals, bidding companies will have to pledge to invest in new infrastructure, in exchange for choice exploration blocks.

Nigeria has given China National Petroleum Corp (CNPC) RoFR for at least one block, and possibly four in total, in exchange for a pledge to become a major investor in the Kaduna railway project. China's CNOOC has RoFR on up to seven blocks, in return for a $2.5-billion loan from the Export-Import Bank of China, for a railroad project in western Nigeria.

Nigeria is auctioning a total of 45 exploration blocks, 11 in deep water offshore, 10 shallow water on the continental shelf, 13 onshore in the Niger Delta and 11 in inland basins.