State-owned refiner and marketer Indian Oil Corp has decided not to take up the 18% stake offered to it by Nagarjuna Oil Corp in its planned 6-mil mt/year (120,000 b/d) refinery at Cuddalore in Tamil Nadu,.
IOC attributed its decision to the excess refining capacity in the country and the Tamil Nadu state government reneging on incentives it had earlier promised to the refinery.
Nagarjuna Oil was said to have written to the oil ministry to push IOC to buy the stake. Currently, Nagarjuna Fertilizers and Chemicals Ltd holds 51% stake in the planned refinery with Tamil Nadu Industrial Development Corp and Oman Oil Company expected to take shares.
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