The Essar group
has sought intervention from the Union Ministry of Petroleum & Natural Gas
for the completion of its 10.5 million tonne Vadinar refinery project in
Gujarat.
Essar has also
asked for Indian Oil Corporation (IOC) to invest around US$ 100 million in the
project and sign a marketing agreement for the sale of products from the
refinery.
However, IOC is
reportedly, not interested in the project, as it already has a capacity of more
than 10 million tonnes in Gujarat from
its Koyali refinery.
It may be noted
that the refinery project, which is being implemented by Essar Oil, has already
achieved financial closure,
with the group
investing around Rs.6,300 crore in the project.
According to
reports, Essar Oil plans to complete the much delayed refinery project within
18-24 months.