Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has inked a Memorandum of Understanding (MoU) with Chambal Fertilizers and Chemicals, the KK Birla Group Company, for setting up a fertilizer unit in Unakoti district near Agartala, Tripura. The company would deliver natural gas which would be used as raw material for producing urea and Tripura government has agreed to provide land and other logistic supports.

The estimated cost of the project is Rs 5,000 crore which will be producing 1.3 million tonnes of fertilizer per annum. The construction of the plant is scheduled to be completed by 2016. The ratio of share of the new fertilizer company named as Khobal Fertilizer Company would be 50-50. The share would however be reduce if any new partner is available.

ONGC has recently signed a MOU on March 25, 2013 with the Ministry of Petroleum & Natural Gas for its Performance Evaluation Parameters and Targets for 2013-14. The MoU 2013-14 has sector-specific targets for production of Crude Oil, Natural Gas and Reserve Accretion. This includes ONGC’s share from Domestic Joint Venture fields/acreages and production of Value-Added Products.