Stone laid for phosphoric acid plant in Jordan

King Abdullah II, the ruler of Jordan, laid the foundation stone on 3 October 2009, for the phosphoric acid plant at Eshidiya in Jordan entailing a cost of $625 million (approx Rs 2,968.75 crore).

The plant is being set up by a JV company called Jordan India Fertiliser Company formed by Indian Farmers Fertiliser Cooperative (IFFCO) and Jordan Phosphate Mines Company (JPMC).

JPMC will be supplying around two million tonne rock phosphate to the project from nearby mines in Jordan and IFFCO will be getting consistent supply of phosphoric acid to meet its requirement in India.

RCFL-led consortium bows out of Tunisian project

A consortium of Rashtriya Chemicals & Fertilisers Ltd (RCFL), NMDC and Krishak Bharati Cooperative have dropped its proposal to participate in a $4 billion (approx Rs 13,950 crore) bid for a rock phosphate project in Tunisia.

According to sources, some of the conditions laid down by the Tunisian authorities, such as the one that the Indian consortium had to lead the process of raising the loans for the project and that the Tunisian partners will not shoulder the economic risk of any losses, did not go well with the consortium.

Tamilnadu Petro plans major capex for Saudi Arabia, Singapore

Chennai based Tamilnadu Petroproducts Ltd (TPL) has chalked out a plan to set up linear alkyl benzene (LAB) and normal paraffin projects in West Asia and Southeast Asia at an outlay of $335 million (approx Rs 1,600 crore).

TPL is jointly promoted by the Tamil Nadu Industrial Development Corporation and Southern Petrochemical Industries Corporation. The proposed plants are to be set up by Certus Investment and Trading Ltd (CITL), Mauritius, a SPV floated by TPL for overseas investments and Proteus Petrochemicals.

The LAB project is likely to come up in Yanbu Industrial City, Saudi Arabia. The project includes an 80,000 tpa standalone plant along with associated utilities and offsite facilities. It is expected to cost $210 million (approx Rs 1,029 crore) and is scheduled to begin commercial production by March 2012. The equity investment in the project company will be made through Gulf Petroproducts Company in which CITL will have a 50 per cent holding.

Binani expands capacity of overseas plants

Binani Cement is expanding production capacity at its cement facilities in China and Dubai and is eyeing Ethiopia and Mauritius in Africa, and UAE for sale of cement manufactured by it overseas plants.

The company has already invested around $130 million (approx Rs 624 crore) to quadruple the cement production capacity at its plant in Shandong, China.

The production capacity at Binani Cement Factory at Dubai has already been ramped up from 0.5 to two million tpa. The increased production is being supported from clinkers imported from China, Pakistan and India.

Meanwhile, Binani has received necessary approvals to set up a cement plant in Mauritius. It plans to invest close to $25 million (approx Rs 120 crore) for setting up the cement plant in Mauritius which will have a production capacity of 1 million tpa. The plant is likely to be completed by the end of next fiscal.

Reva plans electric car facility in New York

Bangalore based Reva Electric Car Company (RECC) is likely to set up an assembly plant for electric cars in New York.

RECC plans to work with Bannon Automotive, a new electric car company in Freeport, New York, to assemble a three-door plug-in hatchback, the NXR, at a yet-to-be-finalised site near Syracuse According to sources, the proposed plant will receive $11.6 million (approx Rs 54.52 crore) in funding and incentives from New York State, with the companies putting in $26.5 million (approx Rs 124.55 crore). Besides, both the companies are seeking $52 million (approx Rs 244.4 crore) in loans and loan guarantees from the federal government.

Final assembly is expected to be carried out in the Syracuse-area factory under a recently negotiated agreement between Bannon and Reva.

Essar exits from Rocklands coal bidding

Essar Group has reportedly taken an exit from a bidding contest with Jindal Steel & Power (JSPL) for Australian coal explorer Rocklands Richfield.

According to sources, Rocklands has written to Essar asking why it has withdarwn the A$144 million (approx $134 million) bid, and to determine whether the group might wish to continue the takeover on amended terms. Rocklands controls three metallurgical coal projects in Queensland. Meanwhile, the JSPL offer of 42 Australian cents a share remains on track as the company continues its due diligence.

OVL-Hinduja JV loses rights to develop Iran's oilfield to CNPC

The JV of OVL and Hinduja Group firm Ashok Leyland Project Services has lost the rights to develop Iran's South Azadegan oilfield. The JV was touted to get at least 45 per cent stake in the 2,60,000 bpd South Azadegan oilfield but China National Petroleum Corporation (CNPC) offered multi-billion dollar soft loans to bag the rights.

CNPC, on 27 September 2009, signed a contract with National Iranian Oil Company's overseas subsidiary Naftiran Intertrade Company (NICO) in Lausanne, Switzerland, to take 70 per cent stake in the oilfield.

NICO, which held 90 per cent stake in the field, will be left with 20 per cent interest while Inpex of Japan will hold the remaining 10 per cent.

Suchirindia signs MoU with Kyrgyzstan

Suchirindia Developers has signed an MoU with the State Enterprise for Diplomatic Services of the Ministry of Foreign Affairs of the Kyrgyz Republic (Kyrgyzdipservice) for development of land as well as operation of a Diplomatic City.

Suchirindia and Kyrgyzdipservice are to set up a JV, initially, for developing 50,806 sq mtrs. This JV is expected to construct the Diplomatic City to cater to the needs of various Embassies and Consulate Offices in Bishkek, the capital of Kyrgyzstan. The project will include construction of Embassies, multi-storeyed residential complexes, schools, hospitals etc, with an investment of $80 to 100 million (approx Rs 368 to Rs 460 crore).