Indian refinery Nayara Energy to invest $850 million to build petrochemical plant

Russian oil major Rosneft-backed Indian refinery Nayara Energy said on Tuesday it will be investing $850 million to expand into petrochemical.

Nayara plans to set up a 450,000 tonnes a year Polypropylene plant, the company said in a statement.

The company has licensed technology from W.R. Grace & Co to produce broad range of phthalate-free products from its 400,000 barrel per day refinery in western Gujarat state.

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