ONGC signs pact with IndianOil for petrochemicals

India’s top oil and natural gas producer ONGC has signed a pact with the nation’s largest oil refining and fuel marketing company Indian Oil Corporation (IOC) for exploring opportunities in the petrochemicals business. Oil and Natural Gas Corporation (ONGC) and IOC “signed a memorandum of understanding (MoU) to explore downstream opportunities, especially in petrochemicals, both greenfield projects and through acquisitions,” ONGC said in a tweet.

ONGC, which produces two-thirds of the nation’s oil that is refined into fuels like petrol and diesel and more than half of gas that is used to make fertilisers and turned into CNG, already has two downstream petrochemical plants through subsidiaries.