The Hindu Business Line : ONGC's AP refinery to be ready in 42 months

THE ONGC Chairman, Mr Subir Raha, has said that the proposed Kakinada greenfield oil refinery will achieve financial closure soon and would be completed within 42 months.

Mr Raha, who was here to attend the 32nd All India Management Association meet, said the board meeting here will take up issues relating to detailed project report and other issues.

It may be recalled that the company earlier this month signed a memorandum of understanding with the Andhra Pradesh Government to set up a refinery along with a Special Economic Zone.

This refinery project is being taken up by the consortium lead by ONGC, and it includes MRPL, ILFS and the State Government through Andhra Pradesh Industrial Infrastructure Corporation Ltd.

Asked to comment on the recent controversy of predicting the gas find, Mr Raha said: "it would be possible to exactly predict what each well can actually generate. However, as a listed company, it is mandatory to intimate to the exchange first as per the SEBI guidelines. But for an unlisted company, they need to communicate with the Director General of Hydrocarbons."

He said the company planned to expand its overseas operations and step up the production.

Through ONGC Videsh, the company produces about 5 million tonnes as against 50 mt by ONGC. This mix is expected to change with overseas production going up following the company taking up new overseas projects. It is bidding for Egypt and Qatar fields.

It is also armed with the power to raise about Rs 65,000 crore that would be used for new projects.

The company's first deep water well referred to GI GS, based on the K-G basin, is set to be commissioned in April 2006.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ONGC's AP refinery to be ready in 42 months

Nagarjuna Thermal to announce financial closure for power plant

Subhash Projects bags Rs 363-cr rural electrification contracts

ICAI for mutual recognition agreement

CEC against granting permission to Vedanta for alumina refinery

BPCL revises Bina refinery project cost to Rs 9,100 cr — Bharat Oman Refineries to go in for IPO

Cairn yet to decide on venture with ONGC

GE Healthcare to step up investments

OVL pays first-ever dividend of Rs 105 cr to ONGC