Petronet Will Now Enter The Petrochemical Business

Petronet will now enter the petrochemical business, will make a big investment in Odisha.

Petronet LNG Limited, the largest importer of Liquefied Natural Gas (LNG) in the country, is planning to set up a petrochemical factory in Dahej, Gujarat.

The company is eyeing to enter the high-margin petrochemicals business to reduce the risk in the gas business.

Petroleum Secretary Tarun Kapoor said Petronet has terminals to import natural gas at Dahej and Kochi in Kerala.

Along with this, the company is now planning to build a floating sea terminal at Gopalpur port in Odisha.

Chairman of Petronet LNG.

Kapoor is the petroleum secretary as well as the chairman of Petronet LNG.

In the latest annual report of the company, Kapoor said that the company wants to widen its business activities and is going to bring in greater diversification.

The company is also exploring the possibility of developing an ethane/propane import facility at the Dahej terminal.

Plan to set up petrochemical complex also.

He said that Petronet is also planning to set up a petrochemical complex based on imported propane at the Dahej terminal.

However, he did not give much detail about the proposed petrochemical complex.

Crude oil and natural gas are used in petrochemicals and are used as raw materials for plastics, packaging materials, and personal care products.

Overall 50% stake of PSUs.

Public sector oil companies Indian Oil Corporation, Bharat Petroleum Corporation, GAIL India, and ONGC together hold a 50 percent stake in Petronet LNG.

The four companies are on the board of Petronet and are headed by the Secretary of the Ministry of Petroleum and Natural Gas.

ICICI Lombard’s business will be bigger, IRDAI got its permission.

The business of ICICI Lombard General Insurance is going to get bigger.

The company has said that the insurance sector regulator Irdai (IRDAI) has given final approval to the plan to merge the general insurance business of Bharti AXA General Insurance with it.

ICICI Lombard has said in the regulatory information, “In this regard, the company has received a letter of final approval for the proposed scheme from the insurance sector regulator Irdai on September 3, 2021.” The effective date for this scheme is April 1, 2020.