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FINANCIAL NEWS
Kuwait’s KPC set to acquire major stake in Indian refinery
05 Sep 2014
(MENAFN) Kuwait Petroleum Corporation (KPC) is planning to acquire major stake in Indian Oil Corporation’s (IOC) Paradip refinery, which supplies about 60 percent of the oil needs of the plant, Gulf Daily News reported.
India, the world’s fourth largest oil consumer, imports about 80 percent of its oil needs. They also import around 16 million tons of crude a month, more than it consumes, and exports about a third of that as refined products.
IOC, which is the country’s biggest refiner, aims to start crude processing at its 300,000 barrels per day coastal refinery in the eastern state of Orissa by the end of this year.
Kuwait wants to strengthen its role in India’s oil, gas sector, especially with Kuwait being India’s fourth biggest oil supplier in 2013/14, supplying about 409,000 barrels per day.
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