ONGC aims to expand refinery capacity three fold

In a new vision document for 2040, the country’s largest oil & gas explorer Oil and Natural Gas Corporation (ONGC) has unveiled a US$15-16 billion investment plan to double output from its domestic and overseas fields. It also aims to use this investment to expand its refining capacity three folds, alongside diversifying into renewables.

The new strategy document ONGC Energy Strategy 2040 aims to transform the state-run energy company to a new ‘avatar’ as a diversified energy company in this new energy landscape, ensuring strong contribution from non-E&P businesses. The document also envisions the market capitalisation of the company to grow about five to six folds.

On Thursday, the company had announced that it has set up a Euro Medium Term Note (EMTN) Programme of US$2 billion which will be listed on Singapore Stock Exchange. This will allow the company to access international bond markets opportunistically to meet their funding requirements.

ONGC is India’s largest government-run corporation and produces about 70 per cent of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organisation in India.

The stock of ONGC in today’s trading session traded in negative terrain and ended at Rs. 121.20 apiece, down by 1.8 per cent from previous close.