India’s top oil and gas producer ONGC has scripted a sharp turnaround in fortunes of its subsidiaries with its petrochemical unit reporting its first ever profit, a top official said.
ONGC Petro additions Ltd (OPaL), the venture ONGC floated for downward integration and expansion into petrochemical field by utilizing its naphtha stream from Hazira and Uran and C2+ components from imported LNG, has been steadily seeing operational profit or EBITDA improvement since 2016-17 but the lopsided capital structure with high-debt servicing cost and high depreciation during the initial period of capitalisation led to incurring net losses.
