State-owned corporations Indian Oil, Bharat Petroleum and Hindustan Petroleum as well as GAIL, are exhausting their capital expenditure budgets much faster than their upstream counterparts ONGC and Oil India % in this financial year.
The oil companies together spent about Rs 57,000 crore between April and November, 63% of their capex target of Rs 89,000 crore for 2018-19. State refiners are spending thousands of crores in expanding capacity and upgrading their facilities to produce low-emission fuel and improving their marketing infrastructure across the country to cater to the increasing demand for fuel.
At 85% of capex target, refiner Bharat Petroleum was the fastest spender. Indian Oil, the country’s largest refiner and fuel retailer, spent 74% of its budget while HPCL, another refiner, used up 71% of its capital outlay. Read More
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