The Indian state-run company, ONGC, has inked an initial agreement with Kuwait Petroleum Corp (KPC) for two upcoming petrochemicals projects.
The state-run company seeks a strategic partnership with Kuwait Petroleum Corp (KPC) in the ONGC Mangalore Petrochemicals (OMPL) and ONGC Petro-Additions (OPAL) projects.
ONGC has offered 26 percent stake in each of the two projects. However, both the companies did not disclose the financial details of the potential deal.
The company is developing the OMPL petrochemicals complex in South India, in which its subsidiary, Mangalore Refinery and Petrochemicals will also hold a small stake. In the OPAL petrochemicals project at Dahej, ONGC has a JV with GAIL India and Gujarat State Petroleum Corp (GSPC).