Financial Daily from THE HINDU group of publications
Thursday, Oct 30, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 30, 2003 |
|
|
|
|
|
Home Page
-
Petroleum Industry & Economy - PSU PSU oil companies on expansion spree Our Bureau
New Delhi , Oct. 29 PUBLIC sector oil companies will invest Rs 25,000 crore per annum through the Tenth Five Year Plan Period (2002-07) in oil and gas exploration, refinery capacity expansion and building pipelines, according to the Petroleum Secretary, Mr B.K. Chaturvedi. "In Ninth Five Year Plan, Rs 50,000 crore investment was made and in the next five years more than Rs 1,20,000 crore would be invested," Mr Chaturvedi said today at a conference organised by the Confederation of Indian Industry. In the refining segment, Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are expanding their Panipat, Mumbai and Vishakapatnam refineries respectively. In the gas sector, GAIL (India) Ltd would be building a 7,000-km-long national gas pipeline grid. In the exploration business, Oil and Natural Gas Corporation (ONGC) is getting into deep-sea oil and gas exploration in a big way even as it invests heavily in enhancing production from existing fields. Further, a host of investments are lined up for fuel quality improvement, Mr Chaturvedi said. In the private sector, Reliance Industries Ltd and Cairn Energy would also be investing around Rs 4,000 crore in laying infrastructure to evacuate gas from the producing fields to the consumers. According to Mr Chaturvedi, the Indian gas scenario will undertake a change with the arrival of imported gas in the first quarter of 2004 at Dahej in Gujarat, where Petronet LNG Ltd is importing 20 million standard cubic metres per day (mmscmd) of LNG from Qatar. This is a third of present availability of 65 mmscmd and shortfall of 50 mmscmd. Besides, Shell will bring 8-10 mmscmd gas from 2005 through the LNG route and Reliance is slated to produce 25-30 mmscmd from its Bay of Bengal block.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|