The spending by state-run oil companies is about 84% of their combined capex target of Rs 106,000 crore for the current fiscal year, according to the oil ministry data. Indian Oil Corp, the nations top refiner and fossil fuel retailer, has been the biggest spender among state oil companies this year. With an expenditure of Rs 27,000 crore, it has achieved nearly 90% of its target for the year. The company has been spending on enhancing its refining capacity as well as adding marketing infrastructure and petrochemical facilities.
The spending by state-run oil companies is about 84% of their combined capex target of Rs 106,000 crore for the current fiscal year, according to the oil ministry data. Indian Oil Corp, the nation’s top refiner and fossil fuel retailer, has been the biggest spender among state oil companies this year. With an expenditure of Rs 27,000 crore, it has achieved nearly 90% of its target for the year. The company has been spending on enhancing its refining capacity as well as adding marketing infrastructure and petrochemical facilities.
ONGC has spent 24,500 crore, or about 80% of its annual target. ONGC s overseas arm ONGC Videsh has spent 2,400 crore, three-fourths of the annual budget. HPCL has spent 9,500 crore, nearly exhausting its annual budget of 10,000 crore as the greenfield refinery being built in Barmer, Rajasthan absorbs a lot of capital.
Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum obtained a larger market share last summer as private refiners slowed sales to avoid selling at below-market prices. As international prices sharply rose last summer, state-run companies froze domestic pump prices, prompting private refiners to reduce their retail sales.