"We are planning an IPO of OPaL after the other equity partner or partners to the project are finalised," said chairman and managing director, RS Sharma. "We are not in a hurry and it could happen by early next year," he added.

ONGC holds 26 per cent of the equity in OPaL and Gujarat State Petroleum Corporation (GSPC) enjoys 5 per cent stake as a joint venture partner.

The global-scale petrochemical plant, scheduled to come up by 2010, will have a 1.1 million tonnes per annum of ethylene capacity dual feed cracker, along with associated units and polymer plants.

"We are in the process of finalising the partners. Almost all the leading global players in the petrochem manufacturing segment have shown an interest, including Mitsui and Mitsubishi of Japan," said A K Balyan, director, business development.

The strategic partners would be more like technical partners and would be offered stake in OPaL, Balyan added.

Sources said the petrochemicals complex would be integrated with ONGC's methane and propane producing plant coming up at Dahej and will use naphtha from ONGC's Hazira units as feedstock.

RS Sharma said ONGC was looking at acquiring oil and gas assets in Africa, Caspian Sea region and South America.

The company has earmarked about $3 billion for exploration and production. ONGC Videsh, (OVL), the subsidiary of ONGC, has already struck oil and gas at four regions outside India.