Economy

Public sector oil companies working on 859 projects worth ₹3.57 lakh crore

Our Bureau, New Delhi | Updated on July 06, 2020 Published on July 06, 2020

Public sector undertaking oil companies are working on 859 projects worth approximately ₹3,57,000 crore. An official statement said these projects are involving in refinery, exploration and production, marketing infrastructure, pipelines, City Gas Distribution network and in the entire value chain of oil and gas.

Of the total anticipated cost of these projects, more than ₹60,000 crore will be spent in fiscal 2020-21, the statement said.

These oil and gas projects will further enhance energy accessibility, create new employment opportunities and give stimulus to economic growth, the statement added.

Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan has reviewed the ongoing oil and gas projects started by public sector undertakings since the resumption of economic activities from April 20. The resumption was after Covid-led lockdowns had halted most construction activities in the country.

The statement also said that employment of more than 48.96 lakh man-days have been generated in the execution of these oil and gas projects.

Further, ₹1,395 crore has been disbursed to workers as payout during this period. A total of more than 9.74 crore man-days of employment is expected to be generated towards the completion of these projects out of which more than 3.5 crore man-days of employment is expected to be generated in financial year 2020-21 itself, the statement added.

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Published on July 06, 2020
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