New Delhi: The state-owned Oil and Natural Gas Corporation (ONGC) has formed a joint venture with Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro Additions Limited (OPaL). The purpose of this venture is to bring the petrochemical sales operations of the group under one single platform. The new company, named ONGC Petrochemicals Marketing Limited (OPML) was officially registered on October 7. The announcement was made the day through filings with the stock exchanges.
OPML will manage the integrated marketing and trading of petrochemicals, chemicals and related products. Its responsibilities include branding, pricing, distribution, logistics, sourcing, customer management, business development, sales and operations planning. This move aims to reduce fragmentation in ONGC’s petrochemical businesses. It will also create a market-facing structure for the entire group.
ONGC owns 50 per cent of the venture, while MRPL and OPaL hold 25 per cent each. ONGC and its nominee shareholders subscribed to 2.5 crore equity shares for Rs 25 crore in cash; MRPL invested Rs 12.5 crore for its 25 per cent stake. OPML has an authorised and subscribed capital of Rs 50 crore, split into five crore shares of Rs 10 each.
The project received approval from the Department of Investment and Public Asset Management, under the Finance Ministry. On October 7 the Registrar of Companies issued the certificate of incorporation formally establishing the company.
