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| India, Qatar plan JV for urea plant |
| Press Trust of India / New Delhi Nov 30, 2008, 18:09 IST |
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India is in talks with Qatar for setting up a 1.6 million tonnes fertiliser plant in the Gulf nation with a buyback arrangement to import urea at a fixed price to augment its domestic supply.
"We will soon send an invitation to Qatar for sending a team to negotiate the details of setting up the joint venture plant," Fertiliser Secretary Atul Chaturvedi told PTI.
Chaturvedi, along with IFFCO Managing Director U S Awasthi, last week returned from Qatar after negotiating with officials of the Gulf nation and Qatar Fertiliser Company (QAFCO) for setting up an urea plant.
The fertiliser secretary said India tried to convince Qatar that it would take time to set up a new plant and so at least an understanding should be reached at.
"If there could not be an agreement reached now, at least an MoU could be signed for the proposed plant," he said.
When contacted, Awasthi said Qatar has agreed to supply gas for the proposed urea plant if there is additional availability after making an assessment in 2011-12.
There is a moratorium on fresh supply of gas in Qatar till 2011-12, he added.
In Qatar, India is keen to set up the urea plant on the lines of Oman India Fertiliser Company (OMIFCO).
In OMIFCO, Oman Oil Company holds 50 per cent equity, while 25 per cent each is shared by Indian Farmers Fertiliser Cooperative (IIFCO) and Krishak Bharati Cooperative (KRIBHCO).
India is looking at a joint venture with Qatar wherein both the countries will have 50 per cent equity each in the proposed plant.
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