ONGC unites with MRPL, OPaL to power petrochemical growth in new joint venture

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) has approved the formation of a joint venture with subsidiaries Mangalore Refinery Pvt Ltd (MRPL) and ONGC Petro additions Ltd (OPaL) to integrate the petrochemical marketing divisions of the three companies.

The explorer informed bourses on Monday that the move aims to strengthen its petrochemical business. ONGC will hold a 50% stake in the new JV, with the remaining 50% divided equally between MRPL and OPaL.

The decision brings the marketing arms of the three entities under a single structure, streamlining sales and distribution for their petrochemical portfolios.