Mumbai: India's top state-run refiner, Indian Oil Corp, will partner Egyptian General Petro-leum Corp (EGPC) to jointly build a $9 billion refinery and petrochemical complex in Egypt, the Economic Times newspaper said yesterday.
"We have agreed to work out details of the project," the newspaper quoted Indian Oil's (IOC) director for planning and business development, B.M. Bansal, as saying.
Talks on the size of the refinery, its cost or the location have yet to be fin-alised, he said.
Citing unnamed Egyptian officials, the paper said the complex would be built near Gamasa or Port Said at a cost of $9 billion.
A spokesman at IOC confirmed the refiner was looking at the proposal.
By 0706 GMT, the firm's shares were up nearly 5 per cent at Rs620 in a Mumbai market down 0.22 per cent.
State-run Engineers India Ltd (EIL) told reporters on the sidelines of an energy conference in New Delhi that the firm hopes to conduct a feasibility study for the project.
"We have verbally communicated for the feasibility study. It should be of the size of 180,000 to 300,000 barrel per day refinery and petrochemical project," Mukesh Rohatgi, EIL chairman, said.
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