ONGC gets green light

India’s Energy Minister M.S. Srinivasan has given a green light from the government for state-owned Oil and Natural Gas Corp. to move ahead with plans to build petrochemicals units around the country. Srinivasan said ONGC will be allowed “to set up petrochemical complexes wherever they have refineries or have a natural gas source.” Worldwide, refineries are being converted into refinery-cum-petrochemical complexes to gain from the high margins on petrochemicals,” Srinivasan commented. (August 18, 2006)