OIL & GAS

ONGC lines up ₹78,000-crore investment in Andhra Pradesh

Oil and Natural Gas Corporation (ONGC) has lined up an estimated investment of ₹78,000 crore in Andhra Pradesh. This includes ₹68,000 crore for offshore projects and ₹10,000 crore in Onshore projects.

This information was shared by top ONGC officials during a meeting with Vice-President of India, M Venkaiah Naidu about the company’s projects in Krishna Godavari Basin and Rajamundry.

Naidu was also informed about setting up of the Greenfield Petrochemical Complex at Kakinada, with an investment of around ₹32,000 crore for producing 1.7 million tonnes per annum of petrochemical products. The project is being undertaken by Hindustan Petroleum Corporation Ltd and GAIL (India) Ltd, with the support of the Andhra Pradesh government, a company statement said.

The Centre is currently awaiting the State Government’s response on the specific financial modalities for funding the project, as it is being executed jointly with the State government, the statement added.

Naidu was informed that project implementation of the Visakh Refinery Modernisation Project being implemented by HPCL at its Visakhapatnam Refinery is in full swing. The capital outlay of this project is about ₹26,264 crore.

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