ONGC to sign MoU with Kuwait Petroleum Corporation to acquire stake in OPaL and OMPL

14-Jan-14

Oil and Natural Gas Corporation Ltd (ONGC) is poised to sign a memorandum of understanding (MoU) with Kuwait Petroleum Corporation, furthering Kuwait’s plans to acquire a stake in ONGC Petro Additions (OPaL) and ONGC Mangalore Petrochemicals (OMPL). For OPaL project at Dahej Special Economic Zone, ONGC is looking for foreign participation of about 25%, in which it holds 26%. The other partners are GAIL and GSPC. ONGC is scouting for a overseas partner for 26% in OMPL, in which it holds 46% stake. As per Business Standard, the two companies are in the process of signing a MoU and a non-disclosure agreement regarding the stake sale of OPaL and OMPL. A due diligence is to be conducted by KPC before a final deal is struck.