ONGC to launch OPal IPO in 2011

State-run Oil and Natural Gas Corp will launch an initial public offering of a unit building a mega petrochemical plant at Dahej in Gujarat in 2011, even as a separate project that was to produce feedstock for the Rs 12,440-crore plant has been delayed by 10 months.

“We will go for an IPO of ONGC Petro-additions Ltd (OPaL) closer to the completion of the project (scheduled for February 2012),” ONGC Chairman and Managing Director RS Sharma told reporters on the sidelines of the CII conference here.

ONGC may offer up to 25 per cent equity in OPaL. “We needs things on ground to get a good price. We are not in need of money for next two years,” he said.

It is also talking to world's leading chemical companies including Itochu Corp of Japan, Lyondell Basel and Ineos of UK for a strategic partnership in the plant being built in Dahej SEZ.

“We are looking for a strategic partner with either technology or a strong marketing network,” he said.