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ONGC should rethink Karnataka investment plans: Minister

Monday, 18 Oct 2004
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Union petroleum and natural gas minister Mani Shankar Aiyar on Sunday said ONGC should “rethink” its plans to invest Rs.25,000 crore in a petrochemical complex in Mangalore and instead focus on its “core competence” of exploration and production of crude oil.

The minister also added that the Karnataka government should also involve other oil firms including private petrochemical units in the proposed special economic zone (SEZ).

Stating that the Union government supported the project, techno-economic feasibility and due diligence would be carried out before finalizing the investment.

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