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Cuddalore refinery: Nagarjuna hopes to achieve financial closure

By Our Special Correspondent

HYDERABAD OCT. 19. Reiterating its commitment to implement the refinery project in Cuddalore (Tamil Nadu), the Nagarjuna Group has said that over the past few months "new channels of dialogue" have been opened up with prospective alliance partners who are open to picking up the remaining 18 per cent equity in the project.

The Nagarjuna Group has said in a release issued here on Saturday that it was on the threshold of closing the remaining equity (18 per cent) of the refinery project, and expressed confidence that it will achieve financial closure shortly.

The group's flagship company, Nagarjuna Fertilizers and Chemicals (NFCL), holds 51 per cent of equity in the proposed refinery project named `Nagarjuna Oil Corporation (NOCL)'. Oman Oil Company holds 26 per cent and Tamil Nadu Industrial Development Corporation (TIDCO) 2 per cent.

The project has achieved an overall progress of 30 per cent so far, including dismantling and trans-shipment of the Mobil refinery from Germany, as well as other allied engineering activities, it said.

Nagarjuna has already committed Rs. 1,300 crores for the project besides incurring an expenditure of Rs. 800 crores as on June 2002.

All regulatory approvals including environmental clearances from the Ministry of Environment and Forests (MOEF) and the marine terminal facilities have been obtained. Contracts for purchase and transportation of Mobil refinery, and export product offtake have been awarded.

Referring to reports of IOC declining to take a stake in the project, it said this was a position taken by IOC a year ago and was not a new development.

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