The Oil and Natural Gas Corporation of India, ONGC has received the approval of the Oil Ministry to move ahead with its Naphtha-based petrochemical project in Mangalore, which was earlier condemned by it. The company's projects were probably condemned earlier as it was speculated that if ONGC would directly involve itself in Karnataka's downstream business activities, it would be difficult to resist similar demands from other state governments. However after the MOU was presented as a 'fait accompli' it is believed that MRPL, ONGC's Karnataka based subsidiary was suggested the best available option for the identified projects.
Previously, the Oil Ministry is gathered to have condemned ONGC's project for LNG, power and petrochemicals at Mangalore. However now ONGC is likely to be able to abide by its plans to set up a LNG jetty and re-gasification terminal of about Rs 5000 crore having a capacity of approximately10 million tons. It will also go ahead with a C2-C3 recovery plant of about Rs 1100 crore, a basic petrochemical complex of about Rs 9000 crore, a 1,445 mw power plant of about Rs 4624 crore and lay pipelines of about Rs 2000 crore for transporting gas.
27-Jun-05 
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