Russian oil major Rosneft-backed Indian refinery Nayara Energy 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.
