Indian Oil Said to Plan $3 Billion Petchem Plant in Iran
- Petrochemical unit said to be awaiting gas supply assurance
- IOC project would join Indian gas, port investments in Iran
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Indian Oil Corp. is seeking to build a $3 billion petrochemicals plant in Iran, according to people with direct knowledge of the matter. Shares rose.
The plan hinges on assurances from Iran that the 1 million-ton-a-year project will have access to cheap natural gas as feedstock, said the people, who asked not to be identified because the information isn’t public. A company spokesman didn’t respond to requests for comment by phone, text message and e-mail.