Venezuelan government-owned oil major, Petroleos De Venezuela, is likely to buy stake in ONGC

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Mangalore Petrochemicals Ltd, which is promoted by ONGC and MRPL for setting up an aromatic unit in Mangalore SEZ.

"Discussions are already on. The Venezuelan company, which is the fifth-largest oil producer in the world, is looking for a controlling stake in the project," a source said.

But the exact size of the deal is yet unknown.

ONGC Chairman R S Sharma confirmed that the Venezuelan company did evince some interest in the project.

"Petroleos De Venezuela showed interest in the project. And we held some talks initially. I can't comment further," he said on the sidelines of the launch of a CSR initiative of ONGC Officers Mahila Samiti (OOMS) here today.

OMPL project is expected to be commissioned by this year-end. According to plans, OMPL will produce 920 TMT (thousand metric tonnes) of paraxylene and 140 TMT of benzene per annum.

ONGC has a 46 per cent stake in OMPL while its subsidiary, Mangalore Refinery and Petrochemicals Ltd, (MRPL) has a three per cent stake in it which together amounts to 49 per cent. The balance 51 per cent is proposed to be offered to the public or strategic partners.