Oil major Royal Dutch Shell plans to buy a 50% stake in Indian-based Nayara Energy's up to $9 billion planned petrochemical project, a source familiar with the matter said.
FILE PHOTO: Shell's company logo is pictured at a gas station in Zurich April 8, 2015. REUTERS/Arnd Wiegmann
Global oil majors are looking at expanding foothold in the vast Indian market, where local refiners are investing billions of dollars to boost their petrochemical capacities. “The petrochemical joint venture between Nayara and Shell was discussed at board of directors meetings of Nayara in November and December last year,” another source said.
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