Kuwait's Petrochemical Industries Company (PIC) is close to signing a deal to acquire 45 percent of the OpaL chemical factory in India, said the company's chief executive on Wednesday.
Asaad Al Saad attributed delays in the completion of the deal to tough Indian laws, but said he was optimistic due to the support of India's government and the strength of its economy.
"We faced many challenges in order to reach an agreement and we aim to get the facilities," said Saad, on the sidelines of an annual petrochemicals industry forum in Dubai. He did not elaborate on the size of the deal.
The olefins factory, ONGC Petro-additions Limited, or OpaL, is currently a joint venture between three Indian companies: Oil and Natural Gas Corporation (ONGC), Gujarat State Petroleum Corporation (GSPC) and Gas Authority of India Limited (GAIL).
PIC, a subsidiary of state-owned Kuwait Petroleum Corporation (KPC), manufactures fertilisers, olefins and aromatics in Kuwait and participates in joint ventures internationally.