ONGC's petrochem projects on course; sees gains in sharing royalty with Cairn
30 August 2011
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.