Indian oil major, Indian Oil Corporation (IOC), plans to join hands with China's state-owned China Petroleum and Chemical Corporation (Sinopec) in building a refinery and petro-chemical complex in Shanghai, Indian daily Business Standard reported Monday.

According to the newspaper, IOC is looking at 26 percent partnership in the project.

India plans to place a proposal in this regard to the Chinese Government when Petroleum Minister Mani Shanker Aiyer visits China in January 2006.

The 4-billion US dollar-project, to come up in Hangzhou Bay, will have a capacity of 10 million tonnes and will include million tonne per annum ethylene cracker plant, the newspaper reported.

With the two nations looking at exporting petrochemical products, the partnership can help the two firms in the long run.

Source: Xinhua