India's Prime Minister is to lay the foundation stone for Oil and Natural Gas Corp's (ONGC) Rs 4,900 crore Petrochemical Complex at Mangalore- a one million tpa Aromatics Complex. 15 million tpa of naphtha produced at MRPL would be the feedstock for producing petrochemical building blocks Paraxylene and Benzene.The finalisation of the process licensor and engineering is expected in a years time. The Aromatics project would be completed in 3 years after this.
The Petrochemicals Complex would be executed through a Special Purpose Vehicle (SPV) of ONGC. ONGC would hold 46% stake in the SPV, its subsidiary Mangalore Refinery and Petrochemicals Ltd would have 3%, and the balance 51% would be with financial institutions and banks.
MRPL also proposes to set up a Rs 12,000 crore Olefin complex, for which state-owned Engineers India Ltd (EIL) has been asked to prepare a detailed feasibility report.
21-Jun-06 
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