ONGC to start two petrochemical projects by 2013

August 30th, 2011 - 5:16 pm ICT by IANS  

New Delhi, Aug 30 (IANS) State-run Oil and Natural Gas Corporation (ONGC) Tuesday said two of its petrochemical projects will commence operations by 2013.

The projects are being developed through joint ventures.

“Two petrochemical projects, one each by ONGC Petro-additions Ltd and ONGC Mangalore Petrochemicals Ltd are expected to be commissioned in 2012 and 2013, respectively,” ONGC’s chairman and managing director A.K. Hazarika said at the company’s shareholders meeting here.

Hazarika said refining capacity of Mangalore Refinery Petrochemicals Ltd, a subsidiary of ONGC, would be enhanced to 15 million tonnes per annum by next year from the present 10 million tonnes.

On the proposed stake sale in the company, Hazarika said the government has decided to divest another 5 percent stake through a follow-on public offer (FPO).

“ONGC board approved the red herring prospectus Aug 29, which will be filed as per the instructions of the government,” he said.

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