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IOC wants to set up petrochemical plant in Yemen
Friday, 19 January , 2007, 16:52
Last Updated: Friday, 19 January , 2007, 17:33

New Delhi: Indian Oil Corporation, the country's largest refiner, wants to set up a petrochemical plant in Yemen provided it is allocated a gas field, a senior company official said on Friday.

"Yemen wants to set up a gas-based petrochemical plant and we certainly are interested in participating in it," B M Bansal, Director (Business Development), IOC, said after Yemen's Minister of Oil and Minerals, Khalid Mahfoudh Dahah met the Petrole um Minister, Murli Deora.

The Yemen oil minister said his country was open to Indian investment in oil and gas exploration, refineries and pipelines and petrochemical plants.

"We welcome Indian companies," he said.

Bansal said IOC was planning big forays into petrochemical business and it saw Yemen as an opportunity to expand in the overseas markets.

"We are looking at big investments but we need a gas source for it. We can also build refineries and set up LNG plant if they want," he said.

Dahah invited Deora to visit the Gulf country to further investment proposals of the Indian companies.

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"We are proposing a technical cooperation committee between the two governments and Deora has verbally accepted my invitation to visit Yemen within a month's time," he said.

Yemen was open to exporting natural gas to India provided it found more gas reserves. The current 17 trillion cubic feet gas reserve was all committed to domestic and long-term consumers overseas, he said.

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