Naftogaz India, an EPC contract company of India catering to the oil and gas sector in the country, is aiming to raise $ 120 million as working capital from private equity players.

“We are very close to finalising an overseas private equity player for raising the amount. We cannot name the player as we have signed the non-disclosure agreement,” said Bava Mahdoom, director-business development, Naftogaz India.

The company has an order book of about Rs 3,000 crore which includes ONGC’s offshore inter grid connectivity project in Mumbai worth Rs 724 crore. Besides the company has bagged two more contracts with Bharat Oman Refineries Ltd for hydrogen generation unit with a project cost of Rs 576 crore and coke drum system package at a projected Rs 256 crore cost. The company is also mulling for an IPO in 2010-2011.

NaftoGaz is also a operator of E & P blocks leading in 3 blocks in the NELP-VI. These three blocks form acreage of about 3600 sq.km where exploration operations are carried out by the Company.

The company has entered into production sharing contract signed for Assam State Block (AA-ONN-004/4) and Gujarat State Block (CB-ONN-004/5) under NELP – VI Policy of Ministry of Petroleum & Natural Gas.

Naftogaz has successfully executed a Rs 370-crore contract for IOC’s Panipat refinery and was also bidding for a pipeline project of Petronas of Malaysia.

The company was also in race for picking 15 per cent stake in a $ 3 billion greenfield refinery project in Yemein for about Rs 2,000 crore however things did not materialise later on.

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