July 13, 2014 3:18 PM ET

Chemicals

Company Overview of ONGC Petro-Additions Limited

Company Overview

ONGC Petro-Additions Limited engages in the development of a petrochemical plant. It deals with organic, inorganic, or synthetic chemicals and chemical compounds; petrochemicals, polymers, resins, solvents, and other allied chemicals; and derivatives, by-products, co-products, alkalis, acids, and gases, obtained from crude oil, natural gas, and petroleum products. The company undertakes manufacturing, production, processing, conversion, formulation, blending, storing, transportation, warehousing and distribution, sales, and other transactions of these items. ONGC Petro-Additions Limited was founded in 2006 and is based in India.

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India

Founded in 2006

Key Executives for ONGC Petro-Additions Limited

ONGC Petro-Additions Limited does not have any Key Executives recorded.

ONGC Petro-Additions Limited Key Developments

ONGC Petro-additions Stake To Be Sold- Reports

GAIL (India) Limited (BSE:532155) is planning reportedly to reduce its equity stake in ONGC Petro-additions Ltd to 11.6%. Gujarat State Petroleum Corporation Limited which originally was to hold 5% stake, will now have 3.75% interest in ONGC Petro-additions Ltd. Oil and Natural Gas Corp. Ltd (BSE:500312) has however decided to keep its stake at 26%.

ONGC Mulls To Sell Stake In Petro Additions

Oil and Natural Gas Corp. Ltd. (BSE:500312) (ONGC) is looking to sell 25% stake in ONGC Petro-Additions Limited and has appointed consulting firm Ernst & Young to scout for a strategic partner. "We are looking for a partner but we are not talking to anyone directly," K.S. Jamestin, Director Business Development and Human Resources, said. "We have appointed E&Y to scout for a partner and they are talking to several companies. Saudi Aramco is one of those," he added.

Saudi Aramco Reportedly Eyes 30% Stake In OPaL

Saudi Arabian Oil Company reportedly plans to acquire 30% stake in ONGC Petro-Additions Limited (OpaL) of Oil and Natural Gas Corp. Ltd. (ONGC) (BSE:500312). The proposed transaction is currently at an advanced stage. The project needs a debt of about INR 120 billion and equity capital of approximately INR 80 billion, another person familiar with the deal said. "However, Saudi Aramco has in principal agreed to pay significant premium to become the partner in the JV that was started in 2006," he said. The proceeds will be used to fund the completion of the project. "The proposed transaction will be completed through fresh issue of shares by OPaL and resources mobilised through this route will be used to complete the project, which is expected to be commissioned in the second half of 2014," said another person. According to Metis, ONGC and OpaL did not respond to queries while Saudi Arabian Oil said it would not comment on "speculation". However, executives in the domestic and international oil industry said talks were on but the deal was yet to be concluded. Prior to the ongoing negotiations with Saudi Arabian Oil, ONGC was negotiating with Kuwait Petroleum Corporation. However, the discussions were called off due to differences over price, people familiar with the development said. "At a country level, ONGC was interested in forming equity alliance with one of these Gulf countries - Saudi Arabia, Kuwait and Qatar - as they have a long-term association with India," said the official. Ernst & Young Private Limited is acting as accountant for OpaL and ONGC.

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