State-owned exploration giant Oil and Natural Gas Corporation (ONGC) promoted ONGC Petro-additions Ltd (OPaL), has entered into a memorandum of understanding (MoU) with Ahmedabad-based Torrent Energy for supply of bulk power to OPaL.

Under the MoU, Torrent will supply 350-400 mw to ONGC’s upcoming petrochemical complex at Dahej SEZ in Gujarat. ONGC is co-developing the SEZ through a special purpose vehicle, OPaL (ONGC Petro-additions Ltd), and is working on setting up a petrochemicals complex there.

ONGC holds 26% stake in OPaL, while 5% is with Gujarat State Petroleum Corporation. The balance is to be offered to a strategic investor and financial institutions.

The Gujarat Government has designated Torrent Power as co-developer for generation and distribution of power in Dahej Special Economic Zone.
Torrent Power has incorporated Torrent Energy to implement a 1500 MW LNG/gas-based power plant.

Torrent Energy will set up a gas-based power plant at DSEZ in first phase of the project to be commissioned by 2011-12.

Torrent Power Ltd has posted a net profit of Rs 50.46 crore for the quarter ended March 31, 2008 as compared to Rs 44.32 crore for the quarter ended March 31, 2007.