World News and Views :: Top of the News
Gail's stake in Opal drops since project faces cost overruns and delays
6:59 AM MDT | June 16, 2014 | Natasha Alperowicz
Gail India will cut its equity stake in ONGC Petro-additions’ (Opal, Vadodara) world-scale petrochemical project at Dahej, India, from 19.0% to 11.6 %, since the project faces major cost overruns, local media reports today. Gail, in 2008–09, acquired a 19% stake in Opal, the construction of which is near complete. The project’s costs have escalated by 72%, from the original estimates of 124.4 billion Indian rupees ($2.08 billion) to Rs214 billion. Gail’s officials say that the company originally agreed to invest up to Rs10 billion in the...
This information is only available to Chemical Week subscribers.
Forgot your user ID or password?
Not an IHS Chemical Week member yet?
Here's why you should be:
100% Satisfaction Guarantee