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Cairn and ONGC may set up refinery
PM News Bureau
Cairn Energy and ONGC may form a joint venture to set up a refinery in Rajasthan. MRPL may be a part of the venture that will refine the crude oil extracted in Block RJ-ON-90/1. Cairn and ONGC (including MRPL) are likely to be equal partners in the proposed JV. An IPO to fund the project is also not ruled out. It is reported that oil found in Rajasthan is not suitable for transportation (through pipeline) due to its very high pour point. The only alternative is to set up a refinery and process the crude near the well and transport the products. However, the Union ministry of petroleum and natural gas is yet to give final clearance for the project.
[2 May 2005]
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