(New Delhi) India’s top oil explorer, Oil and Natural Gas Corporation (ONGC), is planning to set up a large refinery and petrochemical plant in Prayagraj, Uttar Pradesh, as part of its strategy to meet the country’s growing fuel needs. The project is expected to have a capacity of 9 million tons per year and could cost more than 700 billion rupees (about $8.3 billion).
Sources say that ONGC has started talks with Bharat Petroleum Corp. Ltd. (BPCL) to build the refinery on land owned by BPCL in Prayagraj. If the project moves forward, it would be a big boost for the region’s economy, creating jobs and infrastructure development.
While ONGC is focused on Prayagraj in Uttar Pradesh for this major project, BPCL is also considering sites in other states like Andhra Pradesh, where special incentives have been offered by the state government. The final decision will come after detailed studies and discussions.
This potential investment shows ONGC’s commitment to expanding its role in India’s energy sector and ensuring a steady supply of fuel to meet the increasing demand in the country.