ONGC JV with Kuwait Petroleum for two petrochemicals projects

6:32 AM, 18th January 2014

GREATER NOIDA, INDIA: Oil and Natural Gas Corporation (ONGC) is seeking a strategic partnership with Kuwait Petroleum Corporation (KPC) in two upcoming petrochemicals projects. The two companies signed an initial agreement that could lead KPC to hold stakes in the ONGC Mangalore Petrochemicals Ltd (OMPL) and ONGC Petro-Additions Ltd (OPAL) projects.

“We are seeking strategic partnership in the two companies. Twenty-six per cent stake is being offered in (each of) the two projects,” reported Sudhir Vasudeva, Chairman, ONGC, on the sidelines of the Petrotech 2014 international oil and gas conference.

ONGC is developing the OMPL petrochemicals complex in south India, in which its subsidiary Mangalore Refinery and Petrochemicals will also hold a stake. ONGC is also developing the OPAL petrochemicals project in a joint venture with state-run gas transmitter GAIL India and Gujarat State Petroleum Corp (GSPC), at Dahej, Gujarat, in an effort to diversify beyond oil exploration and production.

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