ONGC’s petrochemical project finds global interest

08 October 2018

Global giants from U.S., Japan and the Middle East have shown interest in picking up a stake in state-owned Oil and Natural Gas Corporation's mega petrochemical project in Gujarat. ONGC Petro additions Ltd’s (OPaL) 1.1 million tons plant was completed last year at a cost of Rs. 300bn. “The plant is operating at 80% capacity and is targeted to reach 100% before the end of the current fiscal,”, the firm's Chairman and Managing Director Mr. Shashi Shanker said.

Mega petrochemical project
Source: Google

While the plant was originally conceived as a joint venture with state-owned gas utility GAIL India Ltd. and Gujarat State Petroleum Corporation Ltd. (GSPC), ONGC funded most of the project cost. ONGC is now looking at restructuring the equity of OPaL and is exploring the option of roping in a foreign partner. “Many people across the globe have shown interest in taking stake. Many options are available. Companies from Middle East, Japan and U.S. have shown interest.” he said. He, however, did not name the companies. Saudi Aramco is said to be one of the companies interested in taking a stake in OPaL. “By February we should be able to get a fix on the whole thing,” he said.

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