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CPMA Member Companies News - ONGC-OPAL


OPaL to raise Rs 30 billion for debt repayment, capital expenditure

Business Standard, 15th Dec 2018

Having successfully mopped up Rs 3.35 billion through its maiden issuance of listed non-convertible debentures (NCDs), ONGC Petro additions Limited (OPaL) is looking to raise another Rs 26.5 billion in one year..Read More


US, Japanese, Middle Eastern firms interested in OPaL stake, says ONGC

Business Standard, 30th Sep 2018

Global giants from US, Japan and the Middle East have shown interest in picking up a stake in state-owned Oil and Natural Gas Corp's (ONGC) mega petrochemical project in Gujarat, the firm's Chairman and Managing Director Shashi Shanker said Read More


OPaL yet to settle on a new stakeholder, 23rd September 2018

ONGC Petro additions Limited (OPaL), a petrochemical JV between ONGC, GAIL and Gujarat State Petroleum Corporation, is yet to find a new stakeholder for itself Read More


ONGC may sell OPaL stake to fund acquisition of Hindustan Petroleum Corp - Report, 13th Mar 2018

PTI reported that state-owned Oil and Natural Gas Corp may sell stake in its mega petrochemical project in Gujarat to fund acquisition of Hindustan Petroleum Corp Ltd, a senior official said. ONGC had borrowed money from banks to buy government's 51.11 per cent stake in HPCL for INR 36,915 croreRead More


ONGC to go for bridge loan to fund HPCL 

Business Standard, 4th Oct 2017 

Oil and Natural Gas Corporation (ONGC) is likely to take a short-term bridge loan for about one year to fund the acquisition of the government’s stake in Hindustan Petroleum CorporationRead More


HPCL may acquire ONGC units MRPL and OPaL before merger, 22nd July 2017  

State-run Hindustan Petroleum Corp (HPCL) may acquire two subsidiaries of Oil and Natural Gas Corp (ONGC) before the explorer takes over the refiner, a senior government official said. The two ONGC units are Mangalore Refinery and Petrochemicals (MRPL) and ONGC Petro Additions (OPaL). Read More

OPaL rakes in Rs 1,000 crore turnover in 3 months, 4th June 2017, 22nd July 2017
ONGC Petro additions Ltd (OPaL), the country's largest petrochemical plant at Dahej set up with an investment of Rs 30,000 crore and inaugurated by Prime Minister Narendra Modi on March 17, has achieved a turnover of Rs1,000 crore in its first three months of operation, OPal marketing head Makrand Dixit said. Read More

India said to woo Aramco for 50% OPaL sale as Kuwait talks stall, 20th Apr 2017
India's newest petrochemicals maker is seeking to sell half its $4.6 billion facility to Saudi Arabian Oil Co., according to people with knowledge of the matter. Read More

ONGC to raise Rs1,671 crore for associate firm OPaL, 28th Mar 2017
State-run Oil and Natural Gas Corp. Ltd (ONGC) plans to raise Rs1,671 crore for its associate company, ONGC Petro additions Ltd (OPaL), two officials aware of the development said. Read More

ONGC arm OPal starts exports from Dahej plant to Singapore, 9th Mar 2017
The first consignment of butadiene was shipped to Singapore, and the company wants to export more products benzene, etc. to other countries as well for which it will be floating tenders, Opal chief executive K Satyanarayana told PTI today. Read More

OPaL commissions Dahej petrochemical complex, 3rd Feb 2017
The ONGC Petro additions Ltd (OPaL) has commissioned its mega petrochemical complex at Dahej and started production in some of its units. The plant that was to be made operational in 2014 had been marred by several delays along with cost escalation. Read More

ONGC in talks with petrochemical companies to sell 25% stake in OPaL, 24th June 2016
ONGC Petro additions Ltd (OPaL) is in talks with local and overseas petrochemical companies to sell as much as 25% in the company, three Oil and Natural Gas Corp. Ltd (ONGC) officials familiar with the development said. Read More

OPaL inches closer to commissioning $4.5 bn petrochemical project in Dahej
Business Standard, 23rd May 2016
India and Gujarat State Petroleum Corporation (GSPC) - is progressing with its commissioning activities, with the commencement of furnace refractory dry out of its dual feed cracker unit (DFCU), one of the key units of this $ 4.5 billion mega petrochemical project located at Dahej, Gujarat. Read More

OPaL closes in on commissioning of Dahej units by procuring feedstocks
Business Standard, 14th May 2016
ONGC Petro additions Ltd (OPaL) is nearing commissioning of its dual feed cracker unit and downstream polypropylene plant at Dahej. Read More

India's OPaL aims to start up new polypropylene plant in 1-2 weeks after procuring feedstock, 1st April 2016
India's ONGC Petro additions Limited plans to start up its 340,000 mt/year polypropylene plant in Dahej Special Economic Zone, in Gujarat, in one to two weeks if it can procure feedstock propylene from the spot market by then, a company source said Friday. Read More

Kuwait's Petrochemical Industries Co close to signing India deal: CEO
The Economic Times, 18th November 2015
Kuwait's Petrochemical Industries Company (PIC) is close to signing a deal to acquire 45 per cent of the OpaL chemical factory in India, the company's chief executive told state news agency KUNA on Wednesday. Read More

OPaL in stake sale talks with PIC, 27th July 2015
With the much-delayed mega petrochemical complex at Dahej in Gujarat all set to be commissioned in the next six months, ONGC Petro additions Ltd (OPaL) has revived talks for stake sale to strategic partners, especially to Petrochemical Industries Company (PIC), a subsidiary of state-run Kuwait Petroleum Corporation (KPC). Read More

ONGC Dahej cost overshoots target, 29th June 2015
State-owned ONGC's long-delayed mega petrochemical plant at Dahej in Gujarat will be commissioned next month but at a 27 per cent higher project cost of Rs 27,011 crore. Read More

AP proposes hydrocarbon cracker project with an investment of Rs 1 lakh cr in Machilipatnam
The Economic Times, 22nd April 2015
The Andhra Pradesh government is planning to promote the establishment of a multi-billion dollar oil and natural gas cracker complex project in the port town of Machilipatnam by stitching up a consortium with PSU oil companies as well as private global players, including the Kharashi group of Dubai. Read More

After 118% cost overrun, OPaL in final talks with foreign players to sell 26%
The Economic Times, 4th November 2014
ONGC Petro additions (OPaL), a petrochemical project at Dahej promoted by ONGC, GAIL and GSPC, has seen its cost rise to Rs 27,100 crore, up 118% from the initial estimate of Rs 12,440 crore, owing mainly to delays caused by the engineering, procurement and construction (EPC) contractors. Read More

ONGC chief D K Sarraf says no plans to list overseas arm, JVs
The Economic Times, 7th Sep 2014
Reversing the plans of the previous management, the new brass at the oil and gas producer ONGC has ruled out taking any of its five JVs, especially its power venture in Tripura and petchem venture OPAL, and also its sole subsidiary ONGC Videsh, public or exiting them. Read More

GAIL Stake in ONGC Petrochem Project to be 11.6%: Report, 15th June 2014
State-run gas utility GAIL India Ltd will cut its equity stake in ONGC's mega petrochemical project at Dahej to 11.6 per cent as project faces major cost overrun. Read More

ONGC eyes foreign company for stake sale in West India petrochemical project
The Economic Times, 27th Aug 2013
Oil and Natural Gas Corp aims to sell at least a 25 percent stake in its $3.24 billion petrochemical project in western Gujarat state and is looking at foreign buyers, including Saudi Aramco, a company official said. The project, being built by ONGC Petro-additions Ltd (OPaL), will be commissioned by mid-2014 and will have an annual capacity to produce 1.1 million tonnes of ethylene. Read More

Additional Secretary, MoPNG visits OPaL Project at Dahej
13th June 2012, OPAL Website
Shri Sudhir Bhargava, Additional Secretary, MoPNG, visited OPaL project site on 13th June 2012. He was accompanied by the Dir. I/C, OPaL, Shri K.S. Jamestin along with CEO and COO, OPaL. Shri Bhargava took a round of various project site of. Read More

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