Essar negotiating with BASF plans launching $2billion petrochemicals joint-venture

Essar in negotiation with BASF for $2billion petrochemicals JV

9:17 AM, 30th July 2014
Essar negotiating with BASF plans launching a $2billion petrochemicals joint-venture

MUMBAI, INDIA: Indian multinational conglomerate Essar is reportedly negotiating with BASF to launch a $2billion petrochemicals joint-venture. The talks are part of Essar’s aim to become an integrated oil and gas firm. Essar has created an integrated petrochemicals complex concept, which includes expansion of its refinery in Vadinar, Gujarat, India.

“It is still not clear if it will be an equal 50/50 JV or BASF will retain a 70 per cent share. They would want majority (stake) since they are likely to finance the project almost entirely to start with. These structuring and funding-related discussions are still ongoing,” said by sources to Energy Business Review news.

© Energy Business Review News

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