Indian ONGC to set up 2 petchem plants with $12 Bln investment

18 November, 2023

Indian Oil and Natural Gas Corporation (ONGC) plans to set up two petrochemical plants with Rs1 trillion ($12Bln) investment, reported Press Trust of India.

At the second-quarter earnings call, ONGC director of finance Pomila Jaspal said the company plans to build separate oil-to-chemical (O2C) facilities.

ONGC executive director and chief of joint ventures & business development D Adhikari also stated: “We have plans to invest Rs1 trillion by 2028 or 2030 in two projects in two separate states. Our plan is to raise petrochemical capacity to 8.5-9 million tons by 2030.”

The energy company is likely to build one project alone and the second through a joint venture.

In India, the demand for petrochemicals is expected to remain strong as they are used in a variety of industries such as electronics, automotive, and construction.

Currently, ONGC has two petrochemical subsidiaries Mangalore Refinery and Petrochemicals Limited and ONGC Petro-Additions Limited (OPaL).

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