State-owned Oil and Natural Gas Corporation (ONGC) is reportedly in discussion with Indian Oil Corporation (IOC) to buy a 26% stake in the company’s Rs 4,320 crore liquefied natural gas (LNG) import plant at Ennore in Tamil Nadu.
IOC is building a 5 million tonnes per annum (MTPA) LNG terminal at Ennore near Chennai which is expected to be completed by 2017.
Moreover, the company is also planning to get a grip in IOC’s upcoming plant on the east coast.
ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now
IOC is building a 5 million tonnes per annum (MTPA) LNG terminal at Ennore near Chennai which is expected to be completed by 2017.
Moreover, the company is also planning to get a grip in IOC’s upcoming plant on the east coast.
ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now
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