Shell to Acquire 50 per cent Stake in Nayara Energy’s Petrochemical Project worth 9 Billion USD
With an aim to expand its foothold in the international market, Royal Dutch Shell, a multinational petrochemical company with headquarters in Netherlands is planning to invest in 50 per cent Stake of India’s Nayara Energy Petrochemical Project worth 9 Billion USD. Memorandum of understanding between the two companies was signed in early June as discussed by the board of directors in November and December of last year. Nayara Energy is looking forward to establishing a full stream Ethylene cracker unit with a capacity of around 1.8 MPTA followed by several downstream facilities. The project is anticipated to cost around 8-9 Billion USD and will be built at Vadinar, Gujarat. As per Nayara’s proposal to environmental ministry, the project also includes an aromatic complex with a capacity to produce 10.75 million tonnes petrochemical commodities. However, presently both the companies are constraining to further comment on it. Alongside, Nayara Energy has proposed the expansion of its Vadinar refinery from a current capacity of 400000 bpd to 920000 bpd. The decision on this proposal is yet to be made on 29-30 August by the environment ministry.