ONGC plans to invest $13 billion to expand petrochemicals capacity expansion
The investment is part of the government's push to make India a major global petrochemical hub.
India's state-run oil and gas company, Oil and Natural Gas Corp (ONGC), plans to invest Rs one lakh crore ($13 billion) by 2030 to expand its petrochemicals manufacturing capacity.
ONGC's subsidiary, Mangalore Refinery and Petrochemicals Ltd, and joint venture ONGC Petro Additions Ltd (OPaL) will implement the plans, which involve setting up two mega projects on the east and west coasts of India to develop new facilities that will produce chemicals directly from crude.
Read Also : Girl Empowerment Mission Concludes Successfully at NTPC Kanti, Showcasing Talents of 40 GirlsBy 2030, the combined petrochemicals capacity of ONGC's subsidiaries is expected to more than double to 8 million metric tonnes per annum. The investment is part of the government's push to make India a major global petrochemical hub.
However, ONGC will need to address the reduction in the supply of cheap domestic natural gas and the skewed capital structure of ONGC Petro Additions, which has amassed a high level of debt on a small equity base.
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