(ET)
State-run oil firms plan to spend almost Rs 1 lakh crore next year, with Oil & Natural Gas Corporation’s expenditure set at one-third of the amount, as per the budget. The planned capex of Rs 98,520 crore for FY21 is about 3.7% higher than the Rs 95,000 crore budgeted for the current fiscal, of which state oil firms have spent about two-thirds in the nine months ended December.
A total of Rs 52,000 crore will be spent on exploration and production next year, compared with Rs 48,400 crore this year. Spending on refining and marketing is set to fall by Rs 1,000 crore to Rs 41,600 crore, while for petrochemicals, it is set to expand by Rs 1,000 crore to Rs 4,750 crore.
