Rosneft says JV may launch petrochemical plant in India in 2022

MOSCOW, Jan 21 (PRIME) -- Nayara Energy Limited, a joint venture of Russian oil major Rosneft, which owns 49.13%, plans to launch a U.S. $850 million petrochemical plant in India’s city Vadinar in 2022, Rosneft said in a statement on Monday.

“The first stage of the Vadinar petrochemical facility development program includes construction of the new facilities which will allow us to produce up to 450,000 tonnes of polypropylene per year. The project is to be completed in 2022. Preliminary investment will amount $850 million at the first stage,” Rosneft said.

Financing will be provided from own funds of the Indian company and a banking loan. The program is undergoing economic feasibility studies, and a final decision on the project will be made in 2019.

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