Investment: Government oil companies will invest Rs 1.2 lakh crore, 5% more than the current financial year

Government oil companies will invest Rs 1.2 lakh crore in the next financial year i.e. 2024-25. This will be five percent more than the current financial year. This investment will be made on gas exploration, refinery, petrochemical and laying of pipelines.

According to the budget documents, Oil and Natural Gas (ONGC) will invest slightly more than in the current financial year. ONGC Videsh will invest 68% more. Indian Oil will invest the most. It will be less than Rs 31,254 crore of the current financial year.

The investment of Bharat Petroleum Corporation Limited (BPCL) will be 30% more. GAIL’s investment will be less than Rs 9,750 crore in the current financial year. Hindustan Petroleum Corporation Ltd will invest Rs 500 crore more than Rs 12,000 crore in the current financial year. Oil India’s investment will be 22 percent more.

IOC and BPCL will raise Rs 40,000 crore

The boards of IOC and BPCL had last year approved raising capital of Rs 22,000 and Rs 18,000 crore through rights issue. HPCL and BPCL aim to eliminate net carbon emissions by 2046. Whereas the target of IOC is 2046.