ONGC Petro-Additions: Difference between revisions

{{Short description|Indian petrochemicals company}}

{{Infobox company

| name = ONGC Petro-Additions

| logo =

| type = [[Public company|Public]]

| industry = Petchems

| founded = 2006

| founder =

| hq_location_city =

| hq_location_country =

| area_served =

| key_people =

| products = Polymer

| website =

}}

'''ONGC Petro additions Ltd.''' (OPaL)<ref>{{Cite news |title=Indian cos withdraw long-tenor bonds as investors seek higher rates |work=Millennium Post |url=http://www.millenniumpost.in/business/indian-cos-withdraw-long-tenor-bonds-as-investors-seek-higher-rates-498068?infinitescroll=1}}</ref> is an [[India|Indian]] [[Petrochemical|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.<ref>{{Cite web |last=Verma |first=Nidhi |date=2019-09-12 |title=ONGC looks at buying out partners in OPaL |url=https://www.deccanchronicle.com/business/in-other-news/120919/ongc-looks-at-buying-out-partners-in-opal.html |access-date=2022-11-05 |website=Deccan Chronicle |language=en}}</ref> It is a joint venture between [[Government of India|Indian Government]]-[[Public sector undertakings in India|owned]] crude oil and natural gas corporation, [[Oil and Natural Gas Corporation|ONGC]], and [[GAIL]].<ref name=":0" /> In 2021, the company recorded a profit of ₹18 crores.<ref>{{Cite web |date=2021-12-19 |title=ONGC subsidiary OPaL reports first-ever profit of ₹18 cr during April-Sept |url=https://www.livemint.com/industry/energy/ongc-subsidiary-opal-reports-first-ever-profit-of-rs-18-cr-during-aprilsept-11639912387122.html |access-date=2022-11-01 |website=mint |language=en}}</ref>

== History ==

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.<ref>{{Cite web |last=Sarkar |first=Kalpana Pathak,Pooja |date=2016-06-24 |title=ONGC in talks with petrochemical companies to sell 25% stake in OPaL |url=https://www.livemint.com/Industry/Um5CAPvuQKDuXJmsRkntNP/ONGC-in-talks-with-petrochemical-companies-to-sell-25-stake.html |access-date=2022-11-01 |website=mint |language=en}}</ref>

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.<ref>{{Cite web |last=Verma |first=Nidhi |date=2019-09-12 |title=ONGC looks at buying out partners in OPaL |url=https://www.deccanchronicle.com/business/in-other-news/120919/ongc-looks-at-buying-out-partners-in-opal.html |access-date=2022-11-05 |website=Deccan Chronicle |language=en}}</ref>

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 of India|Prime Minister]] [[Narendra Modi]] in March 2017.<ref>{{Cite web |last=Pathak |first=Kalpana |date=2017-03-28 |title=ONGC to raise Rs1,671 crore for associate firm OPaL |url=https://www.livemint.com/Companies/8L77GXgc2JywBu5iEyXWBP/ONGC-to-raise-Rs1671-crore-for-associate-firm-OPaL.html |access-date=2022-11-01 |website=mint |language=en}}</ref><ref>{{Cite web |title=Modi to inaugurate Rs 30,000 crore OPaL petrochemical project in March - ET EnergyWorld |url=http://energy.economictimes.indiatimes.com/news/oil-and-gas/modi-to-inaugurate-rs-30000-crore-opal-petrochemical-project-in-march/57395836 |access-date=2022-11-05 |website=ETEnergyworld.com |language=en}}</ref>

The complex is part of the forward integration plans of [[Oil and Natural Gas Corporation|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]].<ref name=":0" />

In November 2021, ONGC announced that it had invested Rs 6,000 crores in OPaL to meet its equity requirements.<ref name=":0">{{Cite web |last=Pathak |first=Kalpana |date=2021-11-18 |title=ONGC to invest up to ₹6,000 crore in its petrochemicals arm OPaL via CCDs |url=https://www.livemint.com/companies/news/ongc-to-invest-up-to-6-000-crore-in-its-petrochemicals-arm-opal-via-ccds-11637255197784.html |access-date=2022-11-05 |website=mint |language=en}}</ref><ref>{{Cite web |title=ONGC Petro additions Limited |url=https://www.opalindia.in/PDF/Annual_Report_OPaL_2015-16.pdf |website=opalIndia}}</ref>

== References ==

{{Reflist}}

== External links ==

* [https://www.opalindia.in/index.php ONGC Petro-Additions]

[[Category:Government-owned companies of India]]

[[Category:Indian companies established in 2006]]

[[Category:Indian brands]]

[[Category:Petrochemical companies of India]]