Stating that IOC was going ahead on its own for the project, for which it has already paid for the land to the Orissa government, IOC chairman and managing director MA Pathan said "KPC wanted guaranteed profits but we told them it is not possible in a joint venture. In a joint venture nobody can give a guarantee for profits."

"KPC has not dropped out of the project and we are still open to them," Pathan said adding that a number of other foreign companies were also evincing interest in the project.

Pathan, however, declined to divluge the names of the companies saying that KPC had not officially intimated that it had withdrawn from the project.

Though delay in confirmation of KPC's particiation has cost the refinery nearly a year,there would not be much cost escalation as IOC had already started work on this, Pathan said, hoping that Orissa government would hand over the land to Corporation after elections.

"We have already paid about Rs 40 crore for the land" and the Corporation was targeting to complete the nine million tonne refinery project by May 2002, Pathan said.