Press Trust of India
April 16: State owned oil behemoth ONGC today announced a mega investment of Rs 45,000 crore to set up integrated refinery, petrochemical complex and LNG and power facilities in its upcoming Mangalore Special Economic Zone (SEZ).
Outlining the investments through ONGC-MRPL, group Chief Subir Raha told reporters that the ONGC Board had approved an investment of about Rs 16,000 crore for its aromatic complex at the Mangalore SEZ, which would process Naptha, LNG and other petro products.
"We have also initiated a detailed feasibility report (DFR) for the integrated refinery at an investment of about Rs 30,000 crore," Raha said, adding the total investment there would be above Rs 45,000 crore.
The progress on these projects was being monitored on a monthly basis and even Prime Minister's office had taken a review meeting on this recently, he said.
On the issue of products from its Russian Joint Venture Sakhalain, Raha said "we have got a few cargos of LNG on an experimental basis from the trial production from the fields. We will see the economics of it and then take a view".
Stating that the the crude from Sakhalain project was of very high quality, Raha said the the group was also looking at the option of swapping the crude and get the 'best margins possible'.
Boards of ONGC and the other group company MRPL has already approved a capital expenditure of Rs 8,000 crore for the integrated refinery upgradation project that will increase the existing refinery's capacity from 9.69 million tonnes per annum to 15 million tonnes.
"An aromatics complex at an investment of Rs 4,800 crore on fast track for 900,000 million tonnes per annum para xylene has been similarly approved," he said, adding that ONGC-MRPL is the 'anchor tenant of Mangalore SEZ.