Mangalore Refinery and Petrochemicals Limited (MRPL) has announced the official incorporation of a new Joint Venture Company (JVC) named ONGC Petrochemicals Marketing Limited (OPML) on October 7, 2026.

OPML has been incorporated as a public limited company with an authorized and subscribed share capital of Rs 50 crore, divided into 5 crore equity shares of Rs 10 each. Equity participation in the joint venture is: Oil and Natural Gas Corporation Limited (ONGC): 50%,  Mangalore Refinery and Petrochemicals Limited (MRPL): 25% and ONGC Petro additions Limited (OPaL): 25%.

MRPL acquired its 25% stake through cash consideration by subscribing to the equity shares at face value on an arm's-length basis.

OPML will serve as a single, integrated, market-facing platform dedicated to the marketing and trading of petrochemicals, chemicals, and kindred products produced across the ONGC Group.