India: ONGC diversifies

ONGC, India’s national major in oil and gas production, is in talks with LNG suppliers in Oman, Qatar and Malaysia like RasGas, Petronas among others to firm up its plans for setting up an LNG terminal in Mangalore. The energy major is planning to diversify into downstream business areas like power generation and petrochemicals. The company has drawn up plans to set up a power plant in Mangalore that will sell power to the Karnataka state power utility. ONGC will be developing the LNG gasification plant in the Mangalore SEZ that will also have the gas-based power plant. Unlike the Dahej LNG plant of Petronet where ONGC is a co-equity partner, the company plans to develop the LNG plant in Mangalore with some equity participation by the state government. The electricity generated from the power plant in Mangalore will meet ONGC’s captive requirements and will supply the surplus power to the state government.

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