Nayara Energy Limited Plans to Come into the Indian Petrochemical Market
The Indian company Nayara Energy Limited intends to finish construction of its new plants in 2022. They will allow to produce up to 450 thousand tons of polypropylene a year, the management of information policy of PJSC Rosneft has reported.
Nayara Energy Limited owns the second-large private oil refinery in India (capacity 20 million tons per year), an oil storage, a port, and about 5 thousand gas stations. In 2017, Rosneft, together with the consortium of international investors, with participation of Trafigura and UCP, acquired this asset. Today the Russian oil company owns 49.13% of Nayara Energy Limited.
According to Rosneft, the launch of production of polypropylene is the first stage of development of Nayara Energy Limited oil refinery in the Gujarat city of Vadinar. Its cost is roughly estimated as $850 million.
"At present, we conductthe economic assessment of the program, following the results of which,in 2019, the final decision on implementation of the project will be made", Rosneft representatives note.
Photo: Nayara Energy Limitedwebsite