Announced Thu, 9 Jul · 21:18 IST
ONGC board approves 1.75 MMT strategic petroleum reserve at Mangalore
Capex & Operations View source PDF
ONGC · price
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Price reaction · full curve 14 horizons · vs prior close
+1.9%1-day move
₹243.49
prior close
₹243.65
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+0.5+0.5+0.2+0.3+1.9+1.9+1.5+1.4+1.5+2.6————
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AI summary
ONGC's board approved developing a 1.75 MMT capacity Strategic Petroleum Reserve at Mangalore as a Phase 1 extension. It is designated a project of national importance under the Ministry of Petroleum and Natural Gas. The board also asked management to seek broader commercial use and regulatory support from the Government of India.
Likely market impact
Signals long term capacity build up for ONGC. Only in principle approval so far; no immediate financial impact until capex size and timelines are disclosed.