ONGC to invest Rs 1 lakh crore by 2030 to increase capacity

26 Apr 2023 , 09:43 AM

The state-owned Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 1 Lakh crore by 2030 to expand the petrochemical manufacturing capacity, as per the reports of Economic Times. It will include new facilities to produce chemicals directly from crude.

In the plan of government to make India as major petrochemical hub in the world, ONGC is taking first step towards it. This plan is likely to be implemented by ONGC’s subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and its joint venture ONGC Petro additions Ltd (OPaL). 

By 2030, the combined petrochemicals capacity of MRPL and OPaL is targeted to more than double to 8 million metric tonnes per annum as per the reports. Under expansion plan, the company will be steeing up two mega projects in east and west coach each. The facilities will either directly use crude to produce chemicals or take other feedstocks. ONGC can also use the crude it produces in the country as feedstock for its crude-to-chemical facility.