State-run Oil and Natural Gas Corporation (ONGC) has decided to invest Rs 78,000 crore in Andhra Pradesh.
The company will invest Rs 68,000 crore for offshore projects and Rs 10,000 crore in onshore projects. Top ONGC officials shared this information during a meeting with Vice-President of India, M Venkaiah Naidu about the company’s projects in Krishna Godavari Basin and Rajamundry.
The VP was also informed about setting up of the Greenfield Petrochemical Complex at Kakinada, with an investment of around Rs 32,000 crore for producing 1.7 million tonnes per annum of petrochemical products.
According to a company statement, the project is being undertaken by Hindustan Petroleum Corporation Ltd and GAIL (India) Ltd, with the support of the Andhra Pradesh government.
The Centre is currently awaiting the State Government’s response on the specific financial modalities for funding the project, as it is being executed jointly with the State government, added the statement.
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