Oil & Natural Gas Corporation Ltd.

State-owned Oil and Natural Gas Corporation (ONGC) is planning to sell its 46% stake in a $1-billion Mangalore petrochem project in Karnataka to its subsidiary Mangalore Refinery and Petrochemicals (MRPL).

ONGC holds 46 per cent stake in ONGC-Mangalore Petrochemicals (OMPL), which is building a Rs 6,400-crore Aromatic Complex in Mangalore Special Economic Zone. MRPL has 3 per cent stake, while the balance 51 per cent equity is yet to be allocated.

The Aromatic Complex, being set up on 442 acres of land acquired in Mangalore Special Economic Zone, is totally integrated with the adjacent MRPL refinery. Moreover, the Aromatic Complex, which will produce 0.9 million tonnes per annum of Paraxylene and 0.3 million tonnes of Benzene, besides small amounts of LPG, fuel gas and hydrogen, is expected to be commissioned by August, a good one year behind schedule.

ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.