ONGC lines up investment of Rs 78,000 cr in Andhra Pradesh
The investment includes Rs 68,000 crore for offshore projects
The Oil and Natural Gas Corporation (ONGC) has lined up an estimated investment to the tune of Rs 78,000 crore in Andhra Pradesh.
The investment includes Rs 68,000 crore for offshore projects and the remaining worth Rs 10,000 crore in onshore projects.
Apart from this, a greenfield petrochemical complex is also being set up at Kakinada at an investment of around Rs 32,000 crore for producing 1.7 million tpa of petrochemical products. The project is being undertaken by the Hindustan Petroleum Corporation and GAIL (India), with support of the Andhra Pradesh government.
The Centre is currently awaiting the state government’s response on specific financial modalities for funding the project, as it is being executed jointly with state government.
The implementation of the Visakh Refinery Modernisation project by HPCL at its Visakhapatnam Refinery is in full swing. The outlay of the project is around Rs 26,264 crore.