ONGC plans to invest ₹1 lakh crore to set up two petrochemical plants
The Hindu
India’s top oil and gas producer ONGC plans to invest about ₹1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products
India's top oil and gas producer ONGC plans to invest about ₹1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday.
Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuels, companies around the globe are looking at new avenues to use crude oil.
Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics.
At an investor call on the company's second-quarter earnings, Oil and Natural Gas Corporation (ONGC) Director (Finance) Pomila Jaspal said the firm is looking to build separate oil-to-chemical (O2C) projects.
She, however, did not give details.
"We have plans to invest ₹1,00,000 crore by 2028 or 2030 in two projects in two separate states," said D Adhikari, Executive Director and Chief of Joint Ventures & Business Development, ONGC, on the investor call.
"Our plan is to raise petrochemical capacity to 8.5-9 million tonnes by 2030." One project is likely to be set up by ONGC on its own and the other in a joint venture. The details were not shared in the call.
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