State-owned Oil and Natural Gas Corp. (ONGC; New Delhi, India) is planning to buy out the share of the ONGC Petro Additions Ltd. (OPaL; Dahej, India) petrochemical complex that it does not own and launch an initial public ofering (IPO) if it fails to fnd a partner for the complex, reports Reuters. The $4.5-billion petchem complex at Dahej, Gujarat State, is a joint venture among ONGC, Gail India (New Delhi), and Gujarat State Petroleum Corp. (GSPC; Gandhinagar, India), and began operations in March 2017. ONGC currently owns 49.36% of the petchem complex with Gail owning 49.21%. The remaining minor stake is held by GSPC.
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