|
India - Haldia Petro buys out L and T stake in JV for Rs 180 cr [ 09 May, 2008]
Haldia Petrochemicals (HPL) has acquired Larsen and Toubro’ (L and T’) 51% stake in HPL Cogeneration (HPLCL) at a consideration of Rs 180 crore.
A 51:49 joint venture between LandT and HPL, HPLCL runs a 116 mw power station at Haldia. The Rs 5,170-crore petrochem company has acquired LandT’ stake in an all-cash deal.
At present, HPLCL supplies power and steam to run HPL’ naphtha cracker plant and its associated units. Post-acquisition, HPLCL becomes a 100% subsidiary of HPL.
Addressing a press conference, HPL MD Swapan Bhowmik said, "HPLCL, a profitable entity, was set up in June 1998 with installed capacity of 116 mw. After having worked for nearly 10 years in a JV with LandT, HPL is taking over full ownership of the company.
"With this buyout, HPL will further boost it profitability through operational synergy between HPL and HPLCL. The acquisition becomes effective from May 6, 2008."
HPLCL’ turnover and net profit stood at Rs 133 crore and Rs 76 crore, respectively, in 2007-08. Consequent to this buyout, HPL sees many possibilities to boost its performance.
"It would be wellplaced to optimise energy balance of the entire HPL complex and improve the overall efficiency of energy generation and utilisation," said Mr Bhowmik.
Source: Economic Times
Asian Naphtha-India IOC offers first Haldia cargo [ 18 Apr, 2008]
Indian Oil Corp (IOC) has offered 15,000-16,000 tonnes of naphtha for mid-May loading from Haldia, a cargo which may have been excess supply for one of the petrochemical producers in the northeast India region, sources said on Friday.
"It's probably some extra naphtha from one of the petrochemical companies which have covered all their requirements," said a trader.
The cargo, for May 17-21 lifting, would be the first that IOC was shipping out of Haldia, the trading sources said. The tender closes on April 24 and should remain valid till the next day.
IOC usually exports naphtha from Dahej and Kandla on the Western coast of India, or Chennai in the south-east.
The state refiner last sold a cargo for first-half May loading from Chennai at a premium of $15.77 to its own pricing formula.
With the latest IOC tender, Indian naphtha exports already sold or offered for May totalled up to 329,000 tonnes, while April-lifting cargoes stood at 411,000-413,000 tonnes.
The volumes were still some way off the 1 million tonnes seen monthly until last November, before domestic demand ate into exports.
Source: Reuters
|
