ONGC's petrochem projects on course; sees gains in sharing royalty with Cairn

30 Aug 2011

1

State-run oil explorer Oil and Natural Gas Corporation (ONGC) today said its two large petrochemical projects - one at Dahej in Gujarat and the other in Mangalore, Karnataka - are well on course and are expected to be commissioned by 2012 and 2013, respectively.

ONGC chairman AK Hazarika said the two projects will be set up in the form of joint ventures.

Hazarika said the petrochem project at Dahej in Gujarat, being developed by ONGC Petro-additions Ltd (OPAL), should be ready for commissioning in 2012.

The other project, being developed by Mangalore Petrochemicals Ltd (OMCL), is likely to be commissioned by 2013, Hazarika told shareholders on Tuesday.

Earlier this month, ONGC had announced plans to enter the market with a follow-on public offer of Rs12,000 crore worth shares in September. (See: ONGC may move SEBI for Rs12,000-crore follow-on share sale next month)

ONGC is waiting for the final nod from the government on the follow-on public offer.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more