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Front Page | August 2012

Rajasthan govt kicks-off land acquisiton for refinery project

Our Mumbai Bureau
 
Rajasthan government has started the process of acquiring about 926 hectare land for the proposed 9 mn t a year refinery project near the Barmer oil finds of Cairn India.  
The state government may also take equity in the project besides giving fiscal concessions like 50 per cent exemption in excise duty to make it viable. Meanwhile, Oil India has evinced interest in taking a stake in the project. Cash-rich OIL has shown keen interest to take up to 10-15 per cent stake in the refinery which would be developed by Hindustan Petroleum Corporation (HPCL). HPCL will hold 51 per cent stake in the $4 billion project while engineering consultancy firm EIL would take five per cent holding. Last year, vedanta Resources, which acquired Cairn India for $8.67 billion, is being interested in taking a small equity of up to five per cent in the project. Oil and Natural Gas Corp (ONGC), which owns 30 per cent interest in the Barmer oilfields, had in 2005 committed to build the refinery but later changed its plan.  Sources said after HPCL decided to take up the project, ONGC, which originally had the authorisation from the government for processing the Barmer crude at the proposed refinery, too evinced interest in taking 26 per cent stake. 

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