(PTI)
State-owned oil firms’ capital expenditure has hit a four-year low with PSUs such as ONGC and IOC planning to invest Rs 93,693 crore in oil and gas exploration, refining and petrochemicals in the 2019-20 fiscal year.
The capital expenditure outlay of Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL (India) Ltd, Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Mangalore Refineries and Petrochemicals Ltd and their subsidiaries is the lowest since 2014-15, according to Union Budget for 2019-20 documents.
Oil PSUs had proposed an investment of Rs 89,335 crore in the current fiscal year ending March 31, 2019, but will end up investing Rs 94,438 crore. This is lower than Rs 132,003 crore invested in 2017-18, Rs 104,426 crore in 2016-17 and Rs 97,223 crore invested in 2015-16.
