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May 06, 2015 7:45 AM ET

Chemicals

Company Overview of ONGC Petro-Additions Limited

Company Overview

ONGC Petro-Additions Limited engages in the development of a petrochemical plant. It deals with organic, inorganic, or synthetic chemicals and chemical compounds; petrochemicals, polymers, resins, solvents, and other allied chemicals; and derivatives, by-products, co-products, alkalis, acids, and gases, obtained from crude oil, natural gas, and petroleum products. The company undertakes manufacturing, production, processing, conversion, formulation, blending, storing, transportation, warehousing and distribution, sales, and other transactions of these items. ONGC Petro-Additions Limited was founded in 2006 and is based in India.

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India

Founded in 2006

Key Executives for ONGC Petro-Additions Limited

ONGC Petro-Additions Limited does not have any Key Executives recorded.

ONGC Petro-Additions Limited Key Developments

No Plans To List OPAL And ONGC Videsh

Oil and Natural Gas Corp. Ltd. (BSE:500312) has ruled out plans to list ONGC Petro additions Limited and ONGC Videsh Limited. ONGC Chairman and Managing Director, D K Sarraf told a group of journalists here over the weekend, "We have no plans to exit any of our joint ventures. Also, are we not thinking about taking them public through IPOs".

Petrochemical Industries Eyes North America Petchem Project

Petrochemical Industries Company (PIC) aims to finalize two major downstream investments in India by the end of 2014. PIC provided Oil and Natural Gas Corp. (ONGC) with a nonbinding offer for significant stakes in both the ONGC Petro-Additions Limited (Opal) petrochemicals facility and the ONGC Mangalore Petrochemicals Limited (OMPL) project. PIC Chief Executive Asaad al-Saad said, "PIC is pursuing two acquisitions in India but we are still in negotiation. We are planning to give them a binding offer by the end of September for both at the same time. Kuwait's state petrochemicals firm is eyeing a 30% stake in Opal for around $1 billion and between 26%-30% in OMPL for around $250 million. We are still at an early stage. We did not sign any agreement yet, but we are hoping before the end of the year, at least we will sign a memorandum of understanding."

ONGC Petro-additions Stake To Be Sold- Reports

GAIL (India) Limited (BSE:532155) is planning reportedly to reduce its equity stake in ONGC Petro-additions Ltd to 11.6%. Gujarat State Petroleum Corporation Limited which originally was to hold 5% stake, will now have 3.75% interest in ONGC Petro-additions Ltd. Oil and Natural Gas Corp. Ltd (BSE:500312) has however decided to keep its stake at 26%.

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