ONGC to Divest OPaL Stake, Seeks Global Partners for Petrochemical Venture
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Moneycontrol•29-01-2026, 20:33
ONGC to Divest OPaL Stake, Seeks Global Partners for Petrochemical Venture
- •ONGC plans to offload its stake in wholly-owned subsidiary ONGC Petro Additions (OPaL) through a global Expression of Interest (EoI) to revert to a Joint Venture structure.
- •The divestment aligns with the government's asset monetisation deadline of 2030, aiming to find partners for the petrochemical complex in Dahej, Gujarat.
- •OPaL, with a capacity of 1.5 mmtpa polymers and 0.5 mmtpa chemicals, exited the Dahej SEZ in 2025 to operate as a Domestic Tariff Area (DTA) unit, focusing on the domestic market.
- •ONGC undertook a capital restructuring of Rs 18,365 crore and secured government approval for gas allocation to enhance OPaL's operational performance and sustainability.
- •ONGC is also developing 50-55 MW small modular reactors for captive use and has signed contracts for two Very Large Ethane Carriers (VLECs) to ensure ethane supply for OPaL post-2028.
Why It Matters: ONGC is divesting its OPaL stake to bring in global partners, enhance operations, and secure future feedstock.
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