05 March 2008 15:23 [Source: ICIS news]
The ethylene would be available from ONGC’s planned 1.1m tonne/year cracker project at the same site, said ?xml:namespace>
“Around 300,000 tonnes/year of ethylene has been earmarked for downstream units. We are talking to companies that can offtake the product,” he added.
The company was instead looking at building two swing HDPE/linear low density PE (LLDPE) plants with a total capacity of 720,000 tonnes/year, said a second ONGC source.
But if ONGC was unable to find a buyer for the balance 300,000 tonnes/year of ethylene, it would set up two HDPE/LLDPE plants with a total capacity of 1.08m tonnes/year, he added.
In addition to ethylene, 95,000 tonnes/year of butadiene and 135,000 tonnes/year of benzene would also be available to interested companies from the new facility, said the second source.
The cracker and derivatives project is being implemented through a joint venture named ONGC Petro-additions Ltd (Opal).
ONGC, which will hold a 26% stake in the company, is looking for a strategic investor to participate in the project.
($1 = Rs40.3)
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