ONGC plans to invest Rs 1 trillion to set up two petrochemical plants

In a notable development, ONGC has planned an investment worth Rs 1 trillion to set up two petrochemical plants in two states for direct conversion of crude oil into high value chemicals by 2030. While it plans to set up one project solely, the other would be set up in a joint venture. The projects would be set up as a part of its strategic plan to raise its petrochemical capacity to 8.5-9 mt by 2030 and achieving net zero carbon emissions by 2038. Besides, it is also planning to set up two separate oil to chemical projects. Moreover, it aims to ramp up its renewable portfolio to 10 GW by 2030.