NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) is likely to look at merging its two oil refining subsidiaries, Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), post-June 2021, its chairman Shashi Shanker said on Friday.
ONGC, India’s biggest oil and gas producer, in 2018 completed the acquisition of HPCL for Rs 36,915 crore. After this takeover, it has two refining subsidiaries — HPCL and MRPL. At a news conference post company’s annual general meeting, Shanker said that HPCL sells more fuel than it actually produces at its refineries.
