Indian Oil to propose Nigerian refinery

Aug. 10, 2006
Indian Oil Corp. (IOC) hopes to build a 6 million tonne/year refinery in Nigeria's Edo state.

Shirish Nadkarni
OGJ Correspondent

MUMBAI, Aug. 10 -- Indian Oil Corp. (IOC) hopes to build a 6 million tonne/year refinery in Nigeria's Edo state.

IOC Chairman and Managing Director Sarthak Behuria will visit Nigeria Aug. 21 to discuss the $2 billion proposal with Nigerian President Olusegun Obasanjo.

IOC hopes to secure a 12-15 year crude supply contract in conjunction with the refinery proposal and will negotiate for equity stakes in Nigerian production. It now imports 2 million tonnes/year of crude from Nigeria National Petroleum Corp. under a term contract and hopes to double or triple the rate.