ONGC to set up 2 greenfield O2C plants

ONGC plans to substantially expand its chemical and petrochemical portfolio from the current 4.2 million tpa to eight million tpa by 2030

Petrochemicals demand is expected to remain strong and will continue to be a key driver of oil and gas demand in the future. “With this objective, ONGC is collaborating with other entities to explore opportunities in the Oil to Chemical (O2C), refining, and petrochemicals. We are also planning to set up two greenfield O2C plants in India,” ONGC said in its Annual Report 2022-23.

ONGC plans to substantially expand its chemical and petrochemical portfolio from the current 4.2 million tpa to eight million tpa by 2030. The firm already has two subsidiaries, Mangalore Refinery and Petrochemicals and ONGC Petro-Additions at Mangalore in Karnataka and Dahej in Gujarat, respectively, which are engaged in the diversification plan for the oil to the petrochemical sector.

ONGC will invest Rs 100,000 crore by 2030 on energy transition projects as it targets net zero carbon emissions by 2038, including Scope-I and Scope-II. The firm is planning to scale up its renewable portfolio to 10 GW by 2030. It already has five GW of projects planned in Rajasthan and is scouting for a similar capacity, and would also explore wind farms.