(THBL)
Oil and Natural Gas Corporation (ONGC) has lined up an estimated investment of Rs.78,000 crore in Andhra Pradesh. This includes Rs.68,000 crore for offshore projects and Rs.0,000 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 Rs.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.
