ONGC plans Rs 1 trillion investment for two petrochemical plants

ONGC has planned to invest Rs 1 trillion to set up two petrochemical plants in two states for the direct conversion of crude oil into high-value chemicals, by 2030. While it plans to set up one project by itself, the other will be set up through a JV. The projects will be set up as part of ONGC’s strategic plan to raise its petrochemical capacity to 8.5-9 mt by 2030, and achieve net zero carbon emissions by 2038. ONGC is also planning to set up two separate oil-to-chemical projects.