Saudi Basic Industries Corp (SABIC) is looking to purchase around 50% of the $4.6 billion Indian petchem project backed by Oil and Natural Gas Corporation (ONGC), Reuters reported.
Saudi Aramco and Petrochemical Industries Company, a subsidiary of Kuwait Petroleum Corporation, previously held talks with ONGC about acquiring a stake in the project.
“SABIC is the latest entrant. Recently SABIC has held talks with ONGC officials about a stake purchase,” a source familiar with the matter said.
Aramco recently agreed an initial deal for a 50% stake in a planned refinery and petrochemical plant on India’s west coast which will have a capacity of 1.2 million barrels per day.
India’s per capita consumption of petrochemicals will rise with its expanding middle class, growing income levels and increasing urbanization, Prime Minister Narendra Modi said in March 2017.
The country’s current per capita consumption of synthetic polymers is 10kg per year, compared to the global average which is roughly 32kg.