ONGC to start feasibility study for its petro venture

Oil & Natural Gas Corporation (ONGC) would shortly engage a consultant for carrying out feasibility study for its ambitious diversification in the petrochemicals sector, its chairman and managing director Subir Raha said today.

"We will award the contract to a consultant for the detailed feasibility report immediately," Raha told reporters.

Commenting on investment plans, Raha said that ONGC had been spending an average of $1 billion per year for the last four years for picking up oil equity abroad, adding that the PSU would continue to do so in future.

Raha said that the resource requirements would be met internally and ruled out the possibility of taking the debt or equity route to raise funds.

The ONGC chief said that for the C2 and C3 extraction plant at Dahej, the company had already appointed a consultant for preparing the detailed feasibility report.

Once the report was submitted, then ONGC would appoint a project management consultant followed by the appoinment of a contractor for executing the project.