Venezuelan company mulls controlling stake in ONGC Mangalore Petrochemicals

03-Mar-10

Venezuelan company- Petroleos de Venezuela SA (PDVSA) is mulling acquisition of controlling stake in ONGC Mangalore Petrochemicals, the aromatics unit of Oil & Natural Gas Corp. The venture will make 920,000 tpa of paraxylene and 140,000 tpa of benzene starting the end of this year. ONGC has a 46% stake in OMPL while its subsidiary, Mangalore Refinery and ONGC has a 46% stake in OMPL while its subsidiary, Mangalore Refinery and Petrochemicals Ltd, (MRPL) has a 3 stake in it, which together amounts to 49%. The balance 51% is proposed to be offered to the public or strategic partners.