The Rs 21,000 crore ONGC investment in LNG, power and petrochemicals projects at Mangalore, under the MoU between the ONGC and Karnataka, has received the Indian Prime Minister clearance, after due consideration of all aspects of the matter. ONGC plans to set up a Rs 7,475 crore petrochemical and aromatic plant, Rs 8594 crore LNG-based power project, a Rs 3590 crore C2/C3 recovery plant and LNG terminal and Rs 945 crore gas transportation pipelines. Mangalore Refinery and Petrochemicals Ltd, a subsidiary of ONGC, would be the implementing agency for the total project, ONGC would provide finances and guarantees as well as contracted LNG imports. Approval has also been given to ONGC as co-promoter of the Mangalore special economic zone with the state government.
Earlier, the project ran into slight delays as the Petroleum Ministry objected that the memorandum of understanding (MoU) with the Karanataka Government was signed by ONGC and the decision to invest in the project was made without approval of the government and the company board.
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