New Delhi, Apr 29 (KNN) Oil and Natural Gas Corp (ONGC) has set a target of investing Rs 1 lakh crore by 2030 to enhance its capacity for manufacturing petrochemicals. 

ONGC has decided to come up with new facilities to produce chemicals directly from crude, according to people with knowledge of the matter.

ONGC's plans align with Indian government’s efforts to help India emerge as a major petrochemical hub in the world. 

As per reports, ONGC's plans are likely to be implemented by its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) and its joint venture ONGC Petro additions Ltd (OPaL).

By 2030, the combined petrochemicals capacity of MRPL and OPaL is targeted to be more than double to 8 million metric tonnes per annum, the people cited above said. 

Under the expansion plan, two mega projects, one each on the east and the west coast, will be set up, they said. 

The facilities will either directly use crude to produce chemicals or take other feedstocks. ONGC can also use the crude it produces in the country as feedstock for its crude-to-chemical facility.

The production of major petrochemicals rose about 5 per cent annually between 2017-18 and 2021-22 in the country.   (KNN Bureau)