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Rajasthan receives infusion of Rs 6,200 crore investment for the petroleum sector

Monday, 02 Jan 2023

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Rajasthan government has received fresh investment proposals of Rs 6,200 crore from four entities to be infused in the petroleum sector in the state.

Cairn Vedanta has commenced exploration and other development works in the PML and PEL blocks in Barmer and Jalore districts involving an investment of Rs 5,671 crore. Similar activity is being carried out at Jaisalmer block with an investment of Rs 113 crore by Focus Energy.

Further, ONGC and Oil India have made investment commitment of more than Rs 212 crore and Rs 144 crore respectively.

The above four companies in the petroleum sector had signed agreements on investment during Invest Rajasthan Summit aggregating an investment of over Rs 22,838 crore in a phased manner. These include Cairn Vedanta (Rs 20,000 crore), Oil India (Rs 663 crore), Oil and Natural Gas Corporation (ONGC) (Rs 1,050 crore) and Focus Energy (Rs 1,125 crore) respectively.

Another PSU company, HPCL Rajasthan Refinery is currently setting up a 9 mln tpa petroleum refinery project and petrochemical complex at Pachpadra in Barmer district of Rajasthan. The Rs 43,129 crore refinery is expected to be completed by March 2024.