ONGC arm mulls power, petrochem & fertilser plants in Bangladesh

ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation announced that it wants to invest in power, petrochemical and fertilser plants in Bangladesh, reported Business Standard. The decision came after OVL and Oil India together secured two shallow water gas blocks in Bangladesh. The companies will develop the blocks jointly with Bangladesh. A production sharing contract for the two blocks will be signed by August. Earlier, all major global players except ONGC and ConocoPhillips backed out of the project since Bangladesh doesn’t allow export of its natural gas. Bangladesh Petroleum Exploration and Production Co Ltd (Bapex), will have 10% stake in each of the blocks.
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