MUMBAI, Aug. 16 -- India has approved a $1.05 billion aromatics and olefins complex that Oil & Natural Gas Corp. plans to build next to its subsidiary Mangalore Refinery & Petrochemicals Ltd. and its Dahej petrochemical complex in Gujarat, India.
At the same time, the government is discouraging ONGC, the country's largest oil and gas producer, from foraying into fuel retailing.
"Worldwide, refineries are being converted into refinery-cum-petrochemical complexes to gain from the high margins on petrochemicals," said Petroleum Sec. M.S. Srinivasan. "Naturally, ONGC would also be encouraged to set up petrochemical complexes wherever they have refineries or have a natural gas source," he said.