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

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.

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Oil 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.

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BPCL [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.

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