(PTI)
Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 lakh crore worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday. In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57 lakh crore being spent on 859 projects, over Rs 60,000 crore will be invested during fiscal 2020-21.
Oil Minister Dharmendra Pradhan and other senior officials of the ministry “reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020”. “As on 1st July 2020 work on 859 projects worth about Rs 3,57,000 crore involving in refinery, exploration and production, marketing infrastructure, pipelines, city gas distribution network and in the entire value chain of oil and gas is going on in full swing,” it said.
The ministry, however, did not give a time frame for the investment of Rs 3.57 lakh crore. While state-owned Indian Oil Corp (IOC) is implementing projects to upgrade oil refineries as well as expand pipeline network to take fuel to every nook and corner, Oil and Natural Gas Corp (ONGC) is exploring for oil and gas in desserts to deep sea.
