Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOCL) on June 14, 2023 to explore downstream opportunities in petrochemicals, through greenfield projects and acquisitions.
The agreement aims to explore prospects in utilizing downstream business in ONGC and IOCL (including their subsidiaries) and setting up assets, if feasible. Both the Maharatnas aim to scour and harness possibilities for using feedstock from both the companies and their subsidiaries to manufacture petrochemical products. The companies seek to jointly discover and search for global opportunities to enhance value creation from exports of refining and petrochemical yields as well as explore opportunities for collaboration in oil to chemicals and/or niche products.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
| Company Name | CMP |
|---|---|
| ONGC | 283.95 |
| Oil India | 470.10 |
| Jindal Drilling&Inds | 540.15 |
| Deep Industries | 476.90 |
| Asian Energy Service | 306.05 |
| View more.. | |
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: