ONGC has announced that it would invest approximately Rs 1 lakh crore to establish two petrochemical plants that will transform crude oil into high-value chemical products immediately, in line with its energy transition goals.

A primary energy source is crude oil, which is extracted by firms such as ONGC from subterranean reservoirs and beneath the seabed.

To make jet fuel, diesel and petrol, it is processed in oil refineries. Numerous businesses worldwide are searching for innovative ways to utilise crude oil as the world strives to move away from fossil fuels.  

Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics.  

At an investor call on the company's second-quarter earnings, Oil and Natural Gas Corporation (ONGC) Director (Finance) Pomila Jaspal said the firm is looking to build separate oil-to-chemical (O2C) projects.