Page 16 - Plastics News November 2017

COMPANY NEWS

ONGC makes a splash with board meet at Mumbai High

n October 2009, the Maldives Cabinet met underwater well as rejuvenating existing fields. The company plans to
Ito highlight the threat from global warming to low-lying raise oil production from 22.6 million tonnes in 2017-18 to
countries in the Indian Ocean. Perhaps enthused by the 26.42 million tonnes in 2021-22. Gas production is planned
novelty, India's largest oil producer ONGC chose to make to be raised from 60 million cubic metres per day to 110
a splash by holding its board meeting on a Mumbai High million cubic metres per day.
North production platform off the Mumbai coast to indicate
the importance of offshore projects in its growth plan.
Indian Oil defers Paradip
refinery shutdown to March-

April

ndian Oil Corp (IOC), the country’s top refinery,
Ihas delayed maintenance shutdown at its 300,000
barrels per day (bpd) Paradip refinery in Odisha to
March-April, a company spokesman said. IOC had
earlier planned to shut the refinery for 20 days this
month.

This is the first time that the board of any oil producing
company has held its meeting at sea. The meeting took
place on the MHN (Mumbai High North) platform, the
largest offshore oil processing set up on Mumbai High,
which started production in 1974 and remains the country's
largest oilfield till this day. Company executives credited
the idea of holding the 299th board meeting on an offshore
platform to chairman Shashi Shanker, who took over this “Due to a major job at the hydrogen unit, the refinery
month. "There couldn't have been a better way to make will be shut for about 45 days in March-April, when we
non-executive directors — who hold majority on the will carry out maintenance at other units as well,” he
board — aware of the uniqueness of offshore operations, said, adding that the shutdown has been deferred to
including its technological or geological challenges," a meet local fuel demand.
senior ONGC executive said. The MHN platform signifies The plan to defer the turnaround at Paradip is
the perils and peculiarities of the offshore exploration aimed at helping the company meet government-set
business. The new platform was built at a cost of Rs crude processing targets, two company people in
6,060 crore in 2012 after the BHN (Bombay High North) the know said. IOC carried out extended and heavy
platform was destroyed in a devastating fire caused by maintenance at some refineries in the last two-three
support vehicle Samudra Suraksha colliding with it on months. Meanwhile the polypropylene unit of Indian
July 27, 2005. Offshore projects are at the centre of the Oil Corporation of India (IOCL)'s Paradip Refinery will
company's future growth plans. It is investing $5 billion in start operation by June 2018. To invite investors for
developing Cluster-2 discoveries in the east coast, while the proposed petrochemical complex, IOCL organised
pumping similar funds into the west coast discoveries as an investors' conclave in the city.

Plastics News N ovember 2017 16