India’s state-operated ONGC expects the merger of its subsidiaries Mangalore Refinery and Petrochemicals Limited (MRPL) and the recently acquired Hindustan Petroleum Corp Limited (HPCL) to close in next financial year.
Citing sources, IANS reported that the merger process involving these two subsidiaries will begin immediately once the merger of ONGC Mangalore Petrochemical Ltd (OMPL) and MRPL is completed by next June.
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Official sources told IANS: “Once the OMPL-MRPL merger is completed, the second round of merger would be kicked off immediately so that ONGCs operations is given two distinct identities in the form of separate upstream and downstream operations.”
On 19 October, MRPL’s board of directors gave its approval to the acquisition of a 49% stake in OMPL from ONGC.
The merger of OMPL and MRPL is expected to be completed within eight months.
Meanwhile, the Indian Union Cabinet has permitted Abu Dhabi National Oil Co (ADNOC) to start exporting oil from its Mangalore strategic petroleum reserve (SPR). This represents a shift in the policy that could boost the participation of overseas investors as India is aiming to bolster its storage capacity.
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By GlobalDataIn a separate development, Guangzhou Gas Group said that its liquefied natural gas (LNG) storage tank and jetty being constructed on the southern coast in Guangzhou, China, is likely to commence operation by H2 of 2022.
Once operational, this facility would initially have an annual throughput of one million tonnes.
