The State-owned Oil and Natural Gas Corporation (ONGC) is set to inject INR 150 billion into ONGC Petro-additions Ltd (OPaL) as part of a comprehensive financial restructuring initiative. This strategic move is expected to lead to the gradual exit of gas utility GAIL from the petrochemical firm, as reported by the news agency PTI. Presently, … Read more
India’s two leading state-owned oil and gas companies, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC), have entered into a memorandum of understanding (MoU) to jointly explore downstream opportunities in the petrochemical sector. The collaboration aims to leverage the strengths of both companies, including their subsidiaries, through greenfield projects, acquisitions, and global … Read more
Oil Natural Gas Commission (ONGC) will become Net-Zero by 2038 and invest Rs 1 trillion ($12.1 billion) by 2030 on energy transition projects to reduce carbon emissions, Arun Kumar Singh, Chairman & CEO, ONGC announced during an interaction with the journalists in Mumbai on 29 May 2023. By doing so, the Energy Maharatna will prepare … Read more
India’s energy major Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with M/s Greenko ZeroC Private Limited (Greenko) for a joint venture on green hydrogen. The two companies will jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia and other derivatives of green hydrogen. The MoU, valid for two … Read more
India plans to sell as much as 1.5% stake in state-run Oil & Natural Gas Corp., via an offer for sale, according to an exchange filing. The floor price for the offer is set at 159 rupees apiece. The government aims to raise 30 billion rupees ($397 million) from the share sale. The government owns … Read more
India’s state run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd ( MRPL ) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed, according to a report by IANS. The process is now expected to be complete by 2024. The merger was aimed at aligning ONGC’s upstream … Read more
Oil and Natural Gas Corp. (ONGC) has shelved its stake sale plans for ONGC Petro Additions Ltd (OPaL) unable to attract a strategic partner, Livemint reported. OPaL, a joint venture between ONGC (49.4%), GAIL (India) Ltd (49.2%) and Gujarat State Petroleum Corp. Ltd (1.4%), has set up a grass root mega petrochemical complex at Dahej, … Read more