ONGC to invest about Rs 1 lakh crore in setting up two petrochemical plants

16 Nov 2023 Evaluate

Oil and Natural Gas Corporation (ONGC) has planned to invest about Rs 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition.  The company is also looking to build separate oil-to-chemical (O2C) projects.

The investment in O2C plants is separate from the Rs 1 lakh crore investment ONGC has declared in energy transition projects by 2030, which will help it achieve net zero carbon emissions by 2038. Net zero for a company means achieving a balance between the quantum of greenhouse gases it places into the atmosphere and the amount it takes out. ONGC plans to scale up its renewable portfolio to 10 GW by 2030.

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.

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