State-run oil companies uplifted with Rs 89,000 crore capital spending
The public sector oil refineries have made a capital spending of Rs 89,000 crore in the first nine months of the current fiscal year. With an expenditure of Rs 27,000 crore, one of the companies has achieved approximately 90% of its target for the year.
![State-run oil companies uplifted with Rs 89,000 crore capital spending](https://www.psuconnect.in/sdsdsd/state_run_oil_companies_uplifted_with_rs_89000_crore_capital_spending.jpg)
The Oil Ministry has accorded the spending to be about 84% of the combined capex target of Rs 106,000 crore for the current fiscal year. Oil companies expended more than Rs 100,000 crore in capex annually. Out of the Rs 106,000 crore marked for this fiscal year, around 45% is expected to go into exploration and production. Around Rs 7,000 crore is being spent on adding petrochemical facilities while the remaining is fixed towards refining and marketing business.
Here is a detailed description of capital consumption by public sectors
Indian Oil Corporation, the country’s top refiner and fossil fuel retailer has been the biggest spender among state oil companies this year. With an expenditure of Rs 27,000 crore, it has achieved nearly 90% of its target.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYOil and Natural Gas Corporation, the largest producer of oil and gas in the country, has spent Rs 24,500 crore, or about 80% of its annual target. ONGC’s overseas arm ONGC Videsh has spent Rs 2,400 crore, three-fourths of the annual budget.
HPCL, Hindustan Petroleum Corporation has spent Rs 9,500 crore, consuming its annual budget of Rs 10,000 crore as the Greenfield refinery is being built in Barmer, Rajasthan.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsBPCL [Bharat Petroleum Corporation] has consumed around 80% of its annual budget of Rs 10,000 crore. GAIL India, the largest natural gas transporter and marketer has spent Rs 6,400 crore, or 80% of its annual budget. While Oil India too had used up to 80% of its annual budget of 5,000 crore.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh