ONGC plans to invest up to $20 billion (approx Rs 90,000 crore) on its core upstream business over the next 10 years, to acquire oil and gas assets abroad.

The company has already made international investments worth $10 billion (approx Rs 45,000 crore) so far, including $5 billion investment (approx Rs 22,500 crore) at Sakhalin, Russia.

ONGC has hydrocarbons assets in Kazakhstan, Russia, Angola, Nigeria, Sudan, Syria, Venezuela, Cuba, Brazil, Columbia, Vietnam and Myanmar, among others.

OPAL India, a JV promoted by ONGC and co-promoted by GAIL and GSPC is likely to launch an IPO in 2012 for raising funds to build a mega petrochemical plant at Dahej. The plant is being set up in 500 ha within the export-oriented multi product SEZ as a part of Petroleum, Chemicals and Petro-Chemicals Investment Region. It is likely to have a large dual-feed cracker unit with ethylene cracking capacity of 1.1 million tonne.

The mega petrochemical complex is likely to produce two million tonne of products like polyethylene, polypropylene, benzene per annum. The project is to entail an outlay of Rs 12,440 crore. The debt-equity ratio is 70:30 and debt worth Rs 8,706 crore has been tied up with 26 banks.

The Dahej SEZ is to be commissioned in December 2012.

Also See:

ONGC's Dahej SEZ gets MoEF nod (10-March-10)