By Shirish Nadkarni
OGJ Correspondent
MUMBAI, Feb. 23 -- Indian refiner Nagarjuna Oil Corp. Ltd. (NOCL), a subsidiary of Nagarjuna Fertilizers & Chemicals, has offered to sell a 26% equity stake to Taiwan's state-owned Chinese Petroleum Corp. (CPC). It would be CPC's first investment in an overseas refiner.
If the proposal receives approval from the Taiwanese cabinet and parliament, CPC will allocate funds for the project when NOCL starts commercial production in 2008. NOCL has a capital outlay of $1.1 billion.
