Exploration major Oil and Natural Gas Corporation (ONGC) is open to foreign investment for expansion of its Mangalore refinery even as it awaits the government's nod for two new refineries in Andhra Pradesh and Rajasthan.

The company is planning to raise the capacity of its Mangalore Refinery and Petrochemicals Ltd (MRPL) from 9.69 million tonnes to 15 million tonnes with an estimated investment of Rs.30 billion, ONGC Chairman and Managing Director Subir Raha said here Monday at a press conference to announce fiscal results.

The refinery is currently operating at 12 million tonnes level, which is higher than the installed capacity. The plans are to initially raise the capacity to 15 million tonnes by 2007-8 and then double it to 30 million tonnes.

"The detailed feasibility report for doubling the capacity is being readied," said Raha.

In the meanwhile, ONGC is in talks with several potential international partners for participation in the expansion project.

"We are open to equity participation by international partners in exchange for equivalent realisation being offered by the partner," said Raha.

This in effect could see ONGC getting a stake in offshore projects or exploration fields in lieu of offering equity stake in MRPL.

On the plans for setting up new refineries, Raha said, "We have submitted project plans to the government for a proposal to set up a five to seven million tonnes capacity refinery in Rajasthan linked to Cairn Energy's find and the another five million tonnes refinery at Kakinada (in Andhra Pradesh)."

"We are awaiting the government decision to our proposals."

In the case of Kakinada, ONGC is targeting an export-oriented refinery to cater to overseas demand for petroleum and petrochemical products. For this project too, ONGC is looking at joint venture options including possible participation by foreign companies.