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Oman Oil to revive closed Indian fertilizer units

NEW DELHI: India and Oman on Monday agreed to invest around $3 billion for revival of closed plants Fertilizer Corporation of India and Hindustan Fertilizer Corporation and expansion of Rashtriya Chemicals and Fertilizers.

Oman Oil Company, which has made the offer, would soon start due diligence for the investment and revival. The decision to kick-start the projects was taken at a meeting of the Sixth Indo-Oman Joint Commission held in Muscat in which Union Commerce and Industry Minister Anand Sharma and Oman's Deputy Prime Minister Sayyid Fahad bin Mahmoud bin Mohammed Al Said took part.

Bharat Petroleum Corporation and Oman Oil Marketing Company have also agreed to collaborate and jointly study the possibility of setting up a lube blending plant in Oman. Both countries resolved to strengthen the two-way trade, which now stands at $4.5 billion.

Oman also expressed keenness for setting up super-speciality hospitals in India. Omani officials are likely to visit India shortly to finalise the projects, an official statement said here.

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