IOC in talks to enter China

By agencies   |   Monday, 19 December 2005, 20:30 IST
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MUMBAI: India's largest refiner, Indian Oil Corporation is planning to enter ChinaÂ’s booming oil industry by joining hands with Chinese giant Sinopec. The company wants to pick up a 26 percent stake in a $4 billion refinery- petrochemical complex being planned in Shanghai by China Petroleum and Chemical Corp. (Sinopec). The complex, coming up in northern part of Hangzhou Bay with a capacity of 10 million tons will have a million ton per annum ethylene cracker plant. "We have several projects within China on our radar," an unnamed company official said. The company hopes to strike the deal when oil minister Mani Shankar Aiyar visits Beijing next month, a senior company official said on Monday. AiyarÂ’s visit is part of IndiaÂ’s attempt to forge an alliance with its closest rival in its quest for cheaper energy.