Cracker of an expansion: Nayara's $8 bn petrochemical plan
Rosneft-backed Nayara Energy is looking to invest ₹68,000 crore ($8 billion) to set up a 1.5 million tonne per annum (mtpa) ethane cracker at its 20 mtpa refinery at Vadinar in Gujarat, according to people aware of the development.
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This will be the first substantial investment by an overseas company in the Indian petrochemical segment. «Nayara has commenced work on front-end engineering for the petrochemicals project,» said a senior industry executive.
Nayara Energy didn't respond to queries. The company said in its FY24 annual report that it had «adopted a phase-wise asset development strategy in 2018 to enter into the petrochemicals sector and is well-positioned to become a strong petrochemical player due to its unique advantages in terms of opportunity of integration with the refinery, proximity to the port, and location of the refinery in western India which is the largest petrochemical consumption region of the country».
In the past year, Gail India, Indian Oil Corp, Bharat Petroleum Corp and others have announced investments of over ₹1.5 lakh crore to expand petrochemical operations. Adani Enterprises subsidiary Adani Petrochemicals announced on Monday that it has formed an equal joint venture with Thailand's Indorama Resources to foray into the refinery, petrochemical, and chemical business.
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