ONGC reconfigures proposed Dahej Petrochemicals Project
State-run Oil and Natural Gas Corp has reconfigured its proposed mega petrochemical plant at Dahej in Gujarat, bringing down the cost by Rs 1,100 crore to Rs 12,440 crore.
By PTI |
NEW DELHI: State-run Oil and Natural Gas Corp (ONGC) on Monday said it has reconfigured its proposed mega petrochemical plant at Dahej in Gujarat, bringing down the cost by Rs 1,100 crore to Rs 12,440 crore.
The Board of Directors of ONGC, which met here today, approved the revised configuration of Dahej Petrochemicals Project being implemented by the company's subsidiary ONGC Petro-additions Ltd (OPAL).
The project was initially configured with a styrene butadiene rubber (SBR) - a unit to produce rubber, and a dedicated HDPE (high-density polyethylene) unit that have now been removed in view of current market demand-supply dynamics, a company press release said here.
ONGC has management control with 26 per cent stake in OPAL.
"The capex has come down from Rs 13,540 crore to 12,440 crore, with ONGC's equity contribution at Rs 970 crore. The internal rate of return of the project works out to be 15.4 per cent. The reconfigured project is expected to be completed by February 2012," it said.
ONGC also said it has made four oil and gas discoveries during the past one month.
Oil regulator DGH has been notified three onland discoveries in Assam and western onshore and one in shallow waters off the west coast.
The Board of Directors of ONGC, which met here today, approved the revised configuration of Dahej Petrochemicals Project being implemented by the company's subsidiary ONGC Petro-additions Ltd (OPAL).
The project was initially configured with a styrene butadiene rubber (SBR) - a unit to produce rubber, and a dedicated HDPE (high-density polyethylene) unit that have now been removed in view of current market demand-supply dynamics, a company press release said here.
ONGC has management control with 26 per cent stake in OPAL.
"The capex has come down from Rs 13,540 crore to 12,440 crore, with ONGC's equity contribution at Rs 970 crore. The internal rate of return of the project works out to be 15.4 per cent. The reconfigured project is expected to be completed by February 2012," it said.
ONGC also said it has made four oil and gas discoveries during the past one month.
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Oil regulator DGH has been notified three onland discoveries in Assam and western onshore and one in shallow waters off the west coast.
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