Financing of Upcoming Petrochemical Project

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A REPORT ON

FINANCING OF UPCOMING PETROCHEMICAL PROJECT: “A CASE STUDY IN PROJECT FINANCE IN ONGC WITH SPECIAL EMPHASIS ON FUNDING THROUGH EXPORT CREDIT AGENCIES”

By Name of Student Enrollment No.: IBS, Hyderabad

Submitted to Dr. Nitin Gupta, Asst. Professor, ICFAI Business School, Hyderabad    

Summer Internship Report  2009 
 

A REPORT ON

FINANCING OF UPCOMING PETROCHEMICAL PROJECT: “A CASE STUDY IN PROJECT FINANCE IN ONGC WITH SPECIAL EMPHASIS ON FUNDING THROUGH EXPORT CREDIT AGENCIES”

Submitted by Puneet Goyal 08BSHYD0597 IBS, Hyderabad

Project undertaken in OIL AND NATURAL GAS CORPORATION LTD.BD & JV GROUP 16th May 2009     Page 2 

 

Summer Internship Report  2009 
 

AUTHORIZATION This is to certify that this report is submitted in partial fulfillment of the requirements of MBA program of ICFAI Business School (IBS), Hyderabad. This report document titled: “Financing of upcoming Petrochemical Project – A Case Study in Project Finance in ONGC with special emphasis on funding through Export Credit Agencies” is done by Puneet Goyal as part of the completion of the study at ONGC during his Internship program under the guidance of Mr. Sarto Miranda DGM Finance ONGC.

   

Page 3 

 

Summer Internship Report  2009 
 

ACKNOWLEDGMENT I would like to express my profound gratitude to all those who have been instrumental in the preparation of my project report. To start with, I would like to thank the organization Oil and Natural Gas Corporation (ONGC) for providing me the chance to undertake this internship study and allowing me to explore the area of finance which was totally new to me and which would prove out to be very beneficial to me in my future assignments, my studies and my career ahead. I wish to place on records, my deep sense of gratitude and sincere appreciation to my company guide and mentor, Mr. Sarto Miranda, DGM1 Finance ONGC, BD&JV2 Group who suggested and prepared the frame work of the project. I would also like to thank him for his continuous support, advice and encouragement, without which this report could never have been completed. I am deeply grateful, to my faculty guide Dr. (Prof) Nitin Gupta for his invaluable suggestions, comments, feedback and support throughout the internship. A thank-you is also deserved for the staff of the ONGC BD&JV Department especially to Mr. Sen. Lastly, I wish to thank my family and friends for their valuable help and support.

Puneet Goyal

                                                             1 2

 DGM- Deputy General Manager  Business Development & Joint Venture- a Dept with ONGC Page 4 

   

 

Summer Internship Report  2009 
 

TABLE OF CONTENTS CONTENTS I. II. III. IV. AUTHORIZATION ACKNOWLEDGEMENT ABSTRACT LIST of ILLUSTRATION Page No. 3 4 8 11

Chapter 1 Introduction 1. Project Finance-An Overview 1.1 Project Finance in Petrochemical Industry 1.2 Project Financing in the ONGC Context 1.3 Objectives of Undertaking the Study 1.4   Methodology 1.5  Limitations of the Study 1.6  Report Organization

12 12 14 14 16 16 17 17

Chapter 2 Project finance – Structure and Significance 2.1 Public Finance 2.2 Corporate Finance 2.3  Project Finance 2.4  Significance of Project Finance 2.5 Project Finance Structure and the Cash Flow Waterfall

19 19 20 20 22 23 26 26 26 28 30 30 31
Page 5 

Chapter 3  Analysis of Industry and Company Profile 3.1 Industry Analysis 3.1.1 Global Scenario 3.1.2 Indian Scenario 3.2 3.3 Project finance and industry profile Company Profile

3.3.1 Major financial highlights of the fiscal 2007-8
   

 

Summer Internship Report  2009 
 

3.3.2 International awards and accolades accredited to ONGC 3.4 3.4.1 3.4.2 3.5 Subsidiaries of ONGC ONGC Videsh Limited (OVL) Mangalore Refinery and Petrochemical Limited (MRPL) Forays into the downstream sectors and the SPVs

32 32 32 32 33 33

3.6 ONGC Petro additions Limited (OPaL) & Dahej Petrochemical Project...
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