Hormuz crisis lifts oil prices but hits ONGC petrochemicals feedstock
A senior ONGC official said higher oil prices from the Hormuz crisis may have helped ONGC’s oil exploration business, but its petrochemicals unit faces adverse conditions as feedstock prices have surged.
Prashant Mukherjee New Delhi: The rise in oil prices tied to the Hormuz crisis may have improved Oil and Natural Gas Corporation’s oil exploration business, but a senior ONGC official said the company’s petrochemicals unit is under pressure because feedstock costs have climbed. “The…