Karuturi Global invites EoIs for sugar mill in Ethiopia

Karuturi Global, an end-to-end agriculture company, has invited EoIs from a single entity or multiple entity consortiums for implementing its proposed 6,000 tccpd sugar mill expandable to 7,500 tccpd in Ethiopia with a captive sugarcane plantation of 10,000 ha. The company also plans to install a facility to manufacture Ethanol for automobile use.

The project is to be located in the Gambella region where the company has acquired 3,00,000 ha from the Ethiopia Government. The location is 700 km from Addis Ababa while the nearest sea port is Djibouti which is another 600 km away from the city.

Makhteshim Agan plans formulation plant at Dahej

Makhteshim Agan India, a subsidiary of Makhteshim Group, the Israel headquartered agrochemical manufacturer, has chalked out an investment plan of Rs 500 crore for setting up a formulation plant at Dahej in Gujarat and developing a global research and development (R&D) centre at Hyderabad in Andhra Pradesh, by 2010.

The export-oriented formulation unit at Dahej is likely to be completed by 2010 and the laboratory work at the R&D centre is expected to begin by November 2009. The company is likely to apply for SEZ status for acquiring land in Dahej to set up the proposed plant. The company currently runs a lease-based formulation unit in Gujarat.

NALCO may change location for Indonesia project

National Aluminium Company (NALCO) is considering an alternative site for its $4 billion (approx Rs 19,200 crore) Indonesia project, which was earlier planned to be set up in the South Sumatra province. NALCO plans to set up a 5,00,000 tonne smelter and a 1,250 MW captive power plant.

According to sources, although a site in the South Sumatra province was selected for the project, the Indonesia Government is yet to award the concession of the port and rail.

Construction works at the project site were expected to start in 2010. NALCO is now considering Kalimantan area of Indonesia to set up the plant. Pre-visibility study of this location has been completed. The company hopes to finalise either South Sumatra or Kalimantan within next six months.

Bhoruka plans edible oil unit in Australia

Bangalore's Bhoruka Group is expected to invest $54 million (approx Rs 264.6 crore) in an edible oils and bio diesel facility at Wagga Wagga, 470 km south-west of Sydney in New South Wales, Australia.

The facility, to be set up under a venture called Riverina Oils & Bio Energy is likely to commence production in October 2010 with a capacity to crush and refine 1,70,000 tpa of oilseeds. Riverina Oils will also produce 1,05,000 tonne of vegetable protein meal annually for the Australian poultry, dairy and animal feed industry.

Videocon, GAIL, HPCL likely to bow out of Oman block

A consortium of Oilex of Australia, Videocon Industries, GAIL, Bharat PetroResources Ltd (BPRL) and Hindustan Petroleum Corporation Ltd (HPCL) is likely to give up an exploration block in Oman. The companies are looking at either giving away the block to some other company or surrendering it to the Oman Government. The conglomerate got the block in 2006 from the Sultanate of Oman after paying around Rs 220 crore.

GAIL, Oilex and Videocon have a 25 per cent participating interest each in the consortium, while BPRL and HPCL hold equal shares in the remaining 25 per cent. Oilex Australia is the operator of the block.

Currently, the consortium is holding talks with the Oman Government to revise the terms in the production sharing contract, as the block no longer seems to hold promising reserves. It is an onshore block located in the South Oman salt basin area and covers an area of 5,809 sq km. The drilling in the block began in early 2008.

BPCL, Videocon partner for Indonesia oil exploration

Bharat Petroleum Corporation Ltd (BPCL), through its exploratory arm, Bharat PetroResources Ltd (BPRL), has got a footing in Indonesia for oil and gas exploration.

The company has bought 12.5 per cent from Anadarko Indonesia, a wholly-owned subsidiary of Anadarko Petroleum Corporation of the US. Videocon will hold 12.5 per cent in the venture as well.

BPRL's commitment is estimated at $11.25 million for drilling a commitment well in the block in 2010. Eventually, BPRL Ventures Indonesia (BPRL arm) and Videocon Indonesia Nunukan are expected to jointly account for 25 per cent in the four-way alliance which will include Anadarko's 35 per cent while Medco, an Indonesian upstream company, will hold 40 per cent.

The companies will work jointly on the Nunukan block in offshore Indonesia.

IOC bids for project in Liberia

The Indian Oil Corporation (IOC) has bid for project management consultancy for rebuilding the dilapidated port-based petroleum product storage and pipeline infrastructure in Liberia.

Liberia Petroleum Refining Company (LPRC) has entered into a $25 million (approx Rs 120 crore) turnkey contract with the UK based Zakhem Construction. However, since the move resulted in a controversy, the Liberian Government invited Petroleum India International (PII) to act as a project management consultant on the project development by Zakhem.

PII is a consortium of IOC, Bharat Petroleum and Engineers India. The consortium offers technical, managerial as well as human resource services to the oil sector globally.

According to sources, IOC, as the lead partner of the consortium, has recently agreed to extend its technical expertise to LPRC. The company is still awaiting a response from the Liberian authorities.

Sri Lanka to sign deal with NTPC

The Sri Lanka Government is expected to sign commercial and power-purchasing agreements with NTPC to build a $500 million (approx Rs 2,400 crore) coal based power plant.

The power plant with a capacity of 1,000 MW will be located in the eastern port city of Trincomalee. The project is to be carried out in two phases and the first is expected to be completed by 2012. Initially both entities will invest $75 million (approx Rs 360 crore) each and later $350 million (approx Rs 1,750 crore).

JSW Infra to invest in port in Chile

JSW Infrastructure, part of the JSW group, plans to spend $150 million (approx Rs 735 crore) to develop a port in Chile which is likely to have a cargo capacity of 30 million tpa.

The company is awaiting clearance from the Chile Government and the process is on. JSW plans to raise funds through a debt, equity ratio of 3:1 for the project, though the plans may change.

According to sources, the iron ore shipment from JSW Steel's Chilean mine to India will form a sizeable chunk of the cargo handled at the port. Apart from iron ore, the company is looking at shipping other cargo such as copper, agri-products from the port.

Mahindra Satyam pulls out of Australia hub project

Mahindra Satyam has reportedly scrapped its proposal to develop a $75 million (approx Rs 360 crore) technology hub in Geelong, Australia. Instead, the company is planning to focus on an internal restructuring programme.

The company has agreed to pay back the stillundisclosed cash grant the Victoria Government gave to set up shop in Geelong, by October 2009. The proposal was for building a technology and learning centre on 25 acre at Deakin University's Waurn Ponds campus near Geelong. The cancellation comes despite the creation of water, electricity and sewage infrastructure at the site.

SuchirIndia to take up building project in Colombo

Hyderabad based SuchirIndia in partnership with NEB Rapid Infrastructure Projects, Sri Lanka, is likely to construct a $250 million (approx Rs 1,225 crore) 40-storeyed building project in the suburbs of Colombo. SuchirIndia is expected to take up the proposed project through a SPV SUCHIRNEB Projects.

The project envisages construction of a tower complex that is expected to have a 40-floor commercial complex in Phase I and a 70-floor residential tower in Phase II at Battaramulla in the Colombo suburbs. While the tower complex is estimated to cost $110 million (approx Rs 539 crore), the cost of residential tower is pegged at $140 million (approx Rs 686 crore).

The 1.2 million sq ft structure is scheduled to be completed in 30 months.