Oil and Natural Gas Corporation (ONGC) and IOC “signed a memorandum of understanding (MoU) to explore downstream opportunities, especially in petrochemicals, both greenfield projects and through acquisitions,” ONGC said in a tweet.
ONGC, which produces two-thirds of the nation’s oil that is refined into fuels like petrol and diesel and more than half of gas that is used to make fertilizers and turned into CNG, already has two downstream petrochemical plants through subsidiaries.
