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.
