Ioc, Marubeni To Promote Business Cooperation

A memorandum of collaboration was signed here on Thursday by Indian Oil Corporation director (refineries and pipelines) A K Arora and Marubeni Corporation executive vice-president Kunio Ogawa.

IOC chairman R K Narang said both companies will jointly undertake feasibility studies to identify viable projects and thereafter firm up plans for joint ventures.

The collaboration between the two firms will cover setting up of refineries, petrochemical units, power projects, exploration and development of oil and gas fields and pipelines.

Separate MoUs would be signed between IOC and Marubeni for each project selected for detailed study and implementation, after due approval.

As part of its development plans, IOC proposes to set up facilities for production of acrylonitrile and paraxylene at Panipat. It also plans to set up power plants and is pursuing exploration and production opportunities in India and abroad, says an official press release.