Published on October 1, 2018

U.S., Japan and the Middle East have shown interest in picking up a stake in state-owned Oil and Natural Gas Corporation's mega petrochemical project in Gujarat. The plant is operating at 80 percent capacity and is targeted to reach 100 percent before the end of the current fiscal, As per report. As per report, the plant was originally envisaged as a joint venture with state-owned gas utility GAIL India Ltd. and Gujarat State Petroleum Corporation Ltd. (GSPC).ONGC is now looking at restructuring the equity of OPAL and is exploring the option of roping in a foreign partner. Many people across the globe have shown interest in taking stake. Many options are available. By February Company will be able to get a fix on the whole thing. ONGC was originally supposed to keep just 26 percent stakes in OPAL while gas utility GAIL was to take 19 percent. Five percent was to be taken by Gujarat State Petroleum Corp (GSPC) and the remaining was to be sold to a strategic investor and public.gc