*DJ India Official: Offered 10% Stake In Paradip Refinery To Saudi Aramco

(MORE TO FOLLOW) Dow Jones Newswires

February 25, 2010 04:49 ET (09:49 GMT)

*DJ India Official: Saudi Aramco May Need To Invest About $650M For Stake Buy

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February 25, 2010 04:50 ET (09:50 GMT)

*DJ India Official: To Offer Sabic Participation In Petchem Projects

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February 25, 2010 04:50 ET (09:50 GMT)

*DJ India Official: Currently Importing 25 Mln Tons Crude From Saudi Arabia

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February 25, 2010 04:55 ET (09:55 GMT)

DJ India Official: Offered 10% Stake In Paradip Refinery To Saudi Aramco

NEW DELHI (Dow Jones)--India's federal government has offered a 10% stake in Indian Oil Corp.'s (530965.BY) upcoming 300,000 barrel-a-day refinery in the eastern state of Orissa to Saudi Arabian Oil Co., or Saudi Aramco, a senior oil ministry official said Thursday.

"With the total project cost estimated at INR300 billion, the 10% stake would come to around $650 million," said the official, who didn't wish to be identified.

"Historically, Saudis have been keen on investing in the refinery and distribution business in India. But distribution isn't viable at this stage," he said.

The official said the offer will be discussed during the forthcoming visit of India's Prime Minister Manmohan Singh and Oil Minister Murli Deora to Saudi Arabia this coming weekend, said the official.

-By Sunil Raghu, Dow Jones Newswires; +91-11-4356-3334; rakesh.sharma@dowjones.com

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(END) Dow Jones Newswires

February 25, 2010 05:17 ET (10:17 GMT)

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