India's ONGC Establishes INR 500 Million Petrochemical Marketing Joint Venture

en.Wedoany.com Reported - On October 8, India's Oil and Natural Gas Corporation (ONGC), together with its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro additions Limited (OPaL), completed the registration of a petrochemical marketing joint venture named ONGC Petrochemicals Marketing Limited (OPML). The new company was officially incorporated on October 7, with authorized and subscribed share capital of INR 500 million each. It is primarily responsible for the unified marketing and trading of the group's petrochemical products, chemicals, and related products.

OPML adopts a three-party shareholding structure, with ONGC holding 50%, and MRPL and OPaL each holding 25%. The company's share capital is divided into 50 million ordinary shares with a face value of INR 10 per share. ONGC and its nominee shareholders subscribed to 25 million shares in cash, with a subscription amount of INR 250 million. MRPL subscribed to 12.5 million shares in cash, investing INR 125 million. OPaL holds the remaining 12.5 million shares, corresponding to share capital of INR 125 million.

The new company will uniformly undertake brand management, market development, pricing, distribution, logistics, customer management, procurement and trading, as well as sales and operations planning for ONGC Group's petrochemical products. Its business scope covers intra-group petrochemical product marketing, as well as the procurement and trading of related chemicals and other products. The company plans to manage the group's related product sales activities through a unified external marketing platform.

ONGC had previously advanced the preparatory work for this joint venture. On April 25, 2026, the company disclosed to the stock exchange its plan to establish a petrochemical marketing joint venture. The relevant establishment plan was subsequently approved by the Department of Investment and Public Asset Management of India's Ministry of Finance, and the Registrar of Companies issued the certificate of incorporation on October 7.

The existing businesses of the three participating enterprises cover oil and gas development, refining, and petrochemical production. MRPL operates refining facilities in Mangalore, Karnataka, India, with crude oil processing volume reaching 17 million tonnes in the 2025–2026 fiscal year. OPaL operates the Dahej petrochemical complex in Gujarat, with a designed polyethylene production capacity of approximately 1.1 million tonnes per year and an average capacity utilization rate of 84% in the 2025–2026 fiscal year.