ONGC to Raise $2.1bn for Unit Expansion

India-based Oil & Natural Gas Corp’s (ONGC) Mangalore Refinery & Petrochemicals (MRPL) plans to borrow $2.1bn to expand its refinery and build a petrochemical plant.

ONGC’s finance director DK Sarraf said that the MRPL hopes to raise $859m of foreign currency denominated debt, $1bn from ONGC and $215m from the government’s Oil Industries Development Board.

MRPL is spending $2.7bn to expand annual crude oil processing capacity to 15 million tonnes from 9.69 million tonnes.

The company also plans to build a $386m polypropylene unit with an annual capacity of 440,000t.