ONGC, India's state-run oil firm, diversifies into refining, petrochemicals, and renewables amid oil surplus fears.

India's state-run oil company, ONGC, is diversifying into refining, petrochemicals, LNG trading, and renewable energy to protect against volatile oil prices. Facing predictions of a global oil surplus, ONGC aims to build its first refinery and achieve 10 gigawatts of renewable energy capacity by 2030. The company also plans to secure regasification capacity and long-term deals with city gas retailers.