New Delhi (04.02.2022): State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending program to spur economic growth.
Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23) ..
The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
ONGC has planned a capital expenditure (capex) of Rs 29,950 crore in FY23, marginally lower than the revised estimated expenditure of Rs 30,500 crore in the current fiscal.
IOC, the nation's largest oil refining and fuel marketing company, has an outlay of Rs 28,549 crore for the next year, almost the same as FY22.
OIL's capex for FY23 is marginally higher at Rs 4,302 crore.
GAIL will invest Rs 7,500 crore in the expansion of pipeline grid and petrochemical plants, up from Rs 7,160 crore revised expenditure in the current fiscal (FY22).
Privatization-bound BPCL's Rs 10,000 crore planned investment includes Rs 8,120 crore in refinery and fuel marketing and another Rs 500 crore in petrochemicals. This compares with spending of Rs 10,500 crore in the current fiscal.
