ONGC Forms OPML Joint Venture for Petrochemical Marketing
ONGC has established a new joint venture, OPML, with MRPL and OPaL to enhance petrochemical marketing.
ONGC, MRPL, and OPaL have created OPML, with ONGC holding 50%.
The joint venture aims to streamline petrochemical marketing and trading.
Regulatory approvals were secured, and the venture was officially incorporated on October 7, 2026.
On October 7, 2026, the Oil and Natural Gas Corporation Limited (ONGC) announced the incorporation of a new joint venture named ONGC Petrochemicals Marketing Limited (OPML). This initiative aims to enhance the marketing and trading of petrochemical products, reflecting ONGC's strategic expansion in the petrochemicals sector.
The formation of OPML follows ONGC's prior announcement on April 25, 2026, regarding its collaboration with Mangalore Refinery and Petrochemicals Limited (MRPL) and ONGC Petro additions Limited (OPaL). The joint venture is structured with ONGC holding a 50% equity stake, while MRPL and OPaL each hold 25%.
OPML has been established with an authorized share capital of ₹50 crore, divided into 5 crore equity shares of ₹10 each. ONGC has contributed ₹25 crore by subscribing to 2.50 crore equity shares at face value. The primary objective of OPML is to manage integrated marketing and trading operations for petrochemicals, which encompasses branding, pricing, distribution, and customer management, thereby creating a unified platform for the ONGC Group's petrochemical offerings.
The establishment of OPML aligns with ONGC's ongoing downstream operations and aims to enhance its market presence in the petrochemical sector. Regulatory approvals were obtained from the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance, and the Registrar of Companies issued the Certificate of Incorporation on the same day.
As a newly formed entity, OPML does not have any operational turnover history. The disclosure regarding the joint venture was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The venture is expected to play a significant role in enhancing the operational efficiency and market outreach of ONGC's petrochemical products.
