HPCL, Gail, ONGC to invest Rs 1.18 lakh crore in Andhra Pradesh

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VISAKHAPATNAM: State-owned Hindustran Petroleum Corp, Gail and Oil & Natural Gas Corp together plan to invest Rs 1.18 lakh crore on oil and gas exploration and a new petrochemical complex in Andhra Pradesh.

Minister for petroleum and natural gas Dharmendra Pradhan announced these investments on Friday at the CII Partnership Summit in Visakhapatnam, where the top executives of the oil firms signed the agreements.

Pradhan said global oil giant Saudi Aramco was looking at investing in Andhra Pradesh. A senior AP bureaucrat said the Saudi company’s investment may take place through divestment of a stake by one of the state-owned oil and gas giants.

ONGC proposed to invest Rs 68,000 crore on offshore as sets in the Krishna-Godavari Basin on India’s east coast, apart from Rs 10,000 crore for exploration and production activities in onland blocks.

ONGC proposes to trans port the gas to be produced from offshore fields to Odalrevu Onland Terminal, being set up with an investment of around Rs 2,000 crore.

HPCLBSE -1.47 % and Gail will jointly set up a greenfield 1-million-tonne standalone petrochemical complex in Kakinada, involving Rs 40,000 crore . The state government has agreed to earmark around 2,000 acres of land within the limits of the Kakinada Special Economic Zone for the project.