New Delhi: ONGC said on Friday that the acquisition of 51.11 per cent stake in HPCL will make it the third largest refining power in the country. “With this, ONGC is set to become India’s first fully vertically integrated energy company with presence across the entire hydrocarbon value chain,” said ONGC director D.D. Misra.
He said that the capacity increase from acquisition of HPCL would contribute to ONGC’s downstream kitty of MRPL, that registered its highest ever throughput of 16.57 MMT. This combined with ONGC’s other value multiplier projects such as ONGC Petro additions, ONGC Mangalore Petrochemicals and ONGC Tripura Power Company that are all fully operational, would consolidate ONGC’s presence in the downstream hydrocarbon sector.
Mr Misra said the ONGC is also consolidating its upstream presence by adding more reserves. “By working expeditiously on the Kutch-Saurashtra basin, ONGC will be shortly adding the 8th producing basin to India’s oil and gas map. This will be a moment of pride,” he said.
