State oil companies like ONGC, GAIL plan Rs 87,000 crore capex

State oil companies like ONGC, GAIL plan Rs 87,000 crore capex

State oil companies have planned a capex of Rs 87,000 crore, or $13 billion, in 2017-18 to develop oil and gas fields, expand refining capacity, and build pipelines.

Oil and Natural Gas Corp (ONGC) plans to invest Rs 30,000 crore, the maximum among all state oil firms. This is slightly higher than the company’s spending of about Rs 28,000 crore in 2016-17. GAIL, HPCL, Mangalore Refinery and Numaligarh Refinery have also planned to spend more this year than they did last year, but others will spend less, making the total capex nearly a fifth less than the last fiscal year’s Rs 106,000 crore. Read more

Credits:economictimes.indiatimes.com

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