ONGC intends to spend US$ 12.23 billion (Rs. 1 lakh crore) to increase its petrochemical capacity
By 2030, the Oil and Natural Gas Corporation (ONGC) anticipates increasing its capacity for producing petrochemicals by investing US$ 12.23 billion (Rs. 1 lakh crore). This will involve establishing new facilities for the direct synthesis of compounds from crude.
The combined petrochemicals capacity of Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro Additions Limited (OPaL) is anticipated to reach more than double to 8 million tonnes (MT) per annum by 2030. Two mega projects, one each on the eastern and the western coast will be set up under the expansion plan wherein the facilities will either directly use crude to produce chemicals or take other feedstocks. It could also use the crude produced in the country by ONGC could also be utilised as feedstock for its crude-to-chemical facility.
The plans will be further implemented by the subsidiary of ONGC, Mangalore Refinery and Petrochemicals (MRPL) and its joint venture ONGC Petro Additions (OPaL).
Since the petrochemical segment has wider applications, thus it is expected that its usage may last longer than regular transportation fuels. This move is aligned with the government’s thrust to propel India to become a major petrochemical hub in the world.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.