Page 31 - Plastics News July 2021

BUSINESS NEWS

21*& 5HJLVWHUV 1HW 3UR¿W LQ 4 Feasibility study ordered to set
up a new Petrochem complex in
il and Natural Gas
OCorporation (ONGC) Vidarbha
reported a consolidated net
SURÀW RI 5V FURUH LQ nion Minister for Petrochemicals Dharmendra
4 )< DV DJDLQVW D QHW ORVV RI 8Pradhan has agreed to institute a techno-economic
5V FURUH LQ 4 )< feasibility study to set up a petrochemical complex
Net sales during the quarter in Vidarbha. Pradhan tweeted about the issue after a
URVH <R< WR 5V meeting with former chief minister Devendra Fadnavis,
FURUH 3UH WD[ LQ 4 )< who had led a delegation of Vidarbha Economic
stood at Rs 13,664.10 crore Development (VED) Council, a forum comprising
compared with a pre-tax loss prominent Vidarbha industrial leaders, to meet Pradhan
RI 5V FURUH LQ 4 )< 2Q D VWDQGDORQH EDVLV at New Delhi. Fadnavis later told news agency ANI in
Delhi, “I met Pradhan along with VED Council
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delegation. The minister was very positive about the
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possibility of setting up a petrochemical complex in
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Vidarbha. After we gave him a presentation about it,
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a barrel in the March quarter, compared with $49.01 a he immediately issued an order for a techno-economic
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barrel in the year-ago quarter. The corporation recorded
can be set up (in Vidarbha) and the minister was also
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FY20. "Despite country wide lock-down due to COVID-19 5DR VDLG ´:H KDYH EHHQ FDPSDLJQLQJ IRU D UHÀQHU\ LQ
Vidarbha for the past many years. Pradhan proposed
SDQGHPLF 21*& KDV DOPRVW UHDFKHG ODVW \HDU V SURGXFWLRQ to mull the possibility of a petrochemical complex in
levels in case of crude oil from its operated blocks. The Vidarbha and also ordered a techno-economic feasibility
shortfall in natural gas production is primarily due to less VWXG\ µ 5DR IXUWKHU VDLG ´7KH JRYHUQPHQW DOUHDG\ KDV
offtake by customers due to COVID-19 pandemic. This a plan to set up 15 petrochemical complexes across
has resulted in a production shortfall of condensate and the country. He said the government can set up one
value added products (VAP) as well," the company said in in Vidarbha if the project is found feasible after the
a statement.ONGC has declared total 10 discoveries (3 in VWXG\ µ 5DR VDLG ´,W FDQ FRPH XS QHDU 1DJSXU DORQJ
onland, 7 in offshore) during FY 2020-21 in its operated
acreages. Out of these, 6 are prospects (1 in onland, 5
in offshore) and 4 are pools (2 in onland, 2 in offshore).
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Bengal basin became the eighth sedimentary basin of
India from which hydrocarbon has commercially been
produced. This has resulted in up-gradation of Bengal
basin to category-I basin as per the new three tier
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per share. To promote its renewed push to ease contracted
business practices, ONGC had also organised a special the Samruddhi Mahamarg being built between Nagpur
online Business Partners’ Meet, titled ‘Building Bridges in and Mumbai. It will entail bringing gases from Bombay
ONGC’s Supply Chain: Aatmanirbhar Bharat: Prosperous High to Vidarbha by a pipeline along the highway. The
India’, on 3 July 2021. Over 300 business partners were different production units in the complex will use the
invited to pitch their suggestions, in order to make the gas as raw material to produce polymers, which will
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31 July 2021 Plastics News