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ONGC Evaluates Models for New Greenfield Refinery
ONGC is considering various models for its proposed greenfield refinery, including independent and joint ventures. The project is in the initial stages, with details on capacity and investment to follow.
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What Happened?
ONGC is considering various models for its proposed greenfield refinery, including independent and joint ventures. The project is in the initial stages, with details on capacity and investment to follow.
AI Quick Summary
ONGC is assessing models for a new refinery, focusing on independent and joint ventures, amid rising domestic petrochemical demand.
Key points
- ONGC is evaluating models for a new greenfield refinery.
- Options include setting up independently or in partnership with foreign firms.
- The project is in its initial stages, with further specifications pending.
- The refinery is expected to have a higher petrochemical intensity.
- India's refining capacity is projected to increase to 320 million tonnes by 2030.
- ONGC is also involved in expanding India's strategic petroleum reserve.
Key insights
- The choice of model could influence ONGC's future partnerships and investments.
- Increased petrochemical production may meet rising domestic demand.
- ONGC's involvement in the strategic petroleum reserve could enhance national energy security.
Why it matters
The refinery project is crucial for ONGC's diversification and integration strategy.
Tags
Entities
ONGC· OrganizationBharat Petroleum Corporation Ltd· OrganizationIndian Oil Corporation Ltd· OrganizationHardeep Singh Puri· PersonRajasthan· StateAndhra Pradesh· StateTamil Nadu· StateMangaluru· CityVisakhapatnam· CityPadur· Location
Source
Business Standard
