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IOC, ONGC, other PSUs to execute Rs 3.57 lakh cr projects

Monday, 06 Jul 2020

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Oil public-sector undertakings (PSUs) such as the Indian Oil Corporation (IOC) and the Oil and Natural Gas Corporation (ONGC) are implementing about Rs 3.57 lakh crore worth of projects across the entire hydrocarbon value chain.

This will further enhance energy accessibility, create jobs and boost economy.

Out of Rs 3.57 lakh crore being spent on 859 projects, over Rs 60,000 crore will be invested during FY21.

As on 1 July 2020, work on 859 projects worth about Rs 3,57,000 crore involving in refinery, exploration and production, marketing infrastructure, pipelines, city gas distribution network and in the entire value chain of oil and gas is going on in full swing.

While IOC is implementing projects to upgrade oil refineries as well as expand pipeline network to take fuel to every nook and corner, ONGC is exploring oil and gas in deserts to deep sea.

The crude oil that ONGC produces from fields or which IOC imports is converted into fuel such as petrol, diesel, and LPG at refineries and sold to customers.

A total of more than 9.74 crore man-days of employment are expected to be generated from completion of these projects. Out of this, more than 3.5 crore man-days of employment are expected to be generated in fiscal through March FY21 itself

For the period between April 29 2020 and June 30 2020, employment of more than 48.96 lakh man-days has been generated in the execution of these oil and gas projects, and Rs 1,395 crore has been disbursed to workers as payout during this period.