Financial Daily from THE HINDU group of publications
Wednesday, Aug 07, 2002
Financial Daily from THE HINDU group of publications Wednesday, Aug 07, 2002 |
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Corporate
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New Projects ONGC to produce petrol at Uran Our Bureau
MUMBAI, Aug. 6 UPSTREAM oil giant Oil and Natural Gas Corporation Ltd has plans to produce transport fuels. The company plans to set up a petrol production unit at Uran, according to sources. This will be the first time that the company will enter the transport fuel segment although it has been marketing naphtha and LPG through other oil companies. "The company plans to produce three to four lakh tonnes of petrol every year. The product will comply with the Euro-three specifications and may be exported initially,'' the source said. ONGC produces a small amount of diesel, about 40 to 45 tonne per year, for internal use at its Tatipaka refinery, which was commissioned in year 2000. The company has already acquired permission for setting up retail outlets across the country. It has also acquired stake in the troubled Mangalore Refinery and Petrochemicals Ltd, after buying out 37.39 per cent held by the A V Birla Group for Rs 59.42 crore. The exploration and production company is looking at completing its vertical integration by acquiring and setting up refining and retailing projects, he said. ONGC has been selling, even exporting, naphtha on its own for the last two years after the failure of the PSU companies to effectively market its products.
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