960417

India gives

go ahead to

refinery venture

with Kuwait

KUWAIT CITY: The Indian oil ministry has approved a project with Kuwait to set up a joint-venture refinery in India worth 1.2 billion dollars, the official news agency KUNA reported Wednesday.

The refinery will be 26 percent owned by Kuwait Petroleum Corporation (KPC), with the remaining 74 percent held by the Indian Oil Corporation, the Hindustan Oil Corporation and Bahrat Oil Corporation, KUNA said.

KPC officials were not immediately available for comment on the project, which must now go before the Indian cabinet for approval.

The refinery, to be built in eastern India, will mainly target the growing local market for refined products. The crude oil for refining will be supplied by Kuwait Oil Company (KOC).

KPC is the state-owned holding company which covers all Kuwait's investments in oil production and oil-related industries. It has several subsidiaries including KOC.-AFP