Oil and Natural Gas Corporation (ONGC)has decided to abandon plans to build a new 15 mln ton refinery adjacent to its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL), mainly due the economic meltdown resulting in slowing growth. MRPL had planned to build a 15 mln tpa greenfield refinery and a mega petrochemical complex after expanding its current unit to similar capacity by October 2011. However, MRPL will continue to work on expanding its current 9.69 mln ton unit to 15 mln tons by October 2011 at an investment outlay of Rs. 12,412 crore.
in June 2008, ONGC had exited from a Rs. 25,600 crore grassroots refinery project at Kakinada in Andhra Pradesh. ONGC, through its subsidiary MRPL, was to hold 46% stake in the Kakinada refinery and Petrochemicals and 26% in Kakinada special economic zone (SEZ).
01-Jun-09 
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