ONGC Petro-Additions
| Public | |
| ISIN | 🆔 |
| Industry | Petchems |
| Founded 📆 | 2006 |
| Founder 👔 | |
Area served 🗺️ | |
| Products 📟 | Polymer |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
ONGC Petro additions Ltd. (OPaL)[1] is an Indian petrochemicals company established in 2006 as a public limited company under the Companies Act 1956. It manufactures polymer, a chemical compound used in various products ranging from textiles to plastics.[2] It is a joint venture between Indian Government-owned crude oil and natural gas corporation, ONGC, and GAIL.[3] In 2021, the company recorded a profit of ₹18 crores.[4]
History[edit]
ONGC Petro additions was incorporated in 2006. It is promoted by the Oil and Natural Gas Corporation (ONGC) and co-promoted by GAIL and GSPC.[5]
ONGC owns 49.36% of shares in OPaL, while GAIL has 49.21% per cent and the remaining 1.43% per cent is held by GSPC.[6]
The company has built a $4.5 billion petrochemical complex in Gujarat, which has the capacity to produce 1100 KTPA Ethylene and 400 KTPA Propylene. The project began its operation after the inauguration by Prime Minister Narendra Modi in March 2017.[7][8]
The complex is part of the forward integration plans of ONGC. The majority of feedstock for OPaL is sourced from ONGC. The naphtha requirement is fulfilled by the processing plant of ONGC at Uran and Hazira.[3]
In November 2021, ONGC announced that it had invested Rs 6,000 crores in OPaL to meet its equity requirements.[3][9]
References[edit]
- ↑ "Indian cos withdraw long-tenor bonds as investors seek higher rates". Millennium Post.
- ↑ Verma, Nidhi (2019-09-12). "ONGC looks at buying out partners in OPaL". Deccan Chronicle. Retrieved 2022-11-05.
- ↑ 3.0 3.1 3.2 Pathak, Kalpana (2021-11-18). "ONGC to invest up to ₹6,000 crore in its petrochemicals arm OPaL via CCDs". mint. Retrieved 2022-11-05.
- ↑ "ONGC subsidiary OPaL reports first-ever profit of ₹18 cr during April-Sept". mint. 2021-12-19. Retrieved 2022-11-01.
- ↑ Sarkar, Kalpana Pathak,Pooja (2016-06-24). "ONGC in talks with petrochemical companies to sell 25% stake in OPaL". mint. Retrieved 2022-11-01.
- ↑ Verma, Nidhi (2019-09-12). "ONGC looks at buying out partners in OPaL". Deccan Chronicle. Retrieved 2022-11-05.
- ↑ Pathak, Kalpana (2017-03-28). "ONGC to raise Rs1,671 crore for associate firm OPaL". mint. Retrieved 2022-11-01.
- ↑ "Modi to inaugurate Rs 30,000 crore OPaL petrochemical project in March - ET EnergyWorld". ETEnergyworld.com. Retrieved 2022-11-05.
- ↑ "ONGC Petro additions Limited" (PDF). opalIndia.
External links[edit]
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