ONGC to launch efforts to make Kakinanda project viable: CMD

ONGC to launch efforts to make Kakinanda project viable: CMD
PTI
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First Published: Tue, Aug 14 2007. 07 00 PM IST
Updated: Tue, Aug 14 2007. 07 00 PM IST
Dehradun: Oil and Natural Gas Corporation (ONGC) on 14 August said it would launch efforts to make its proposed greenfield refinery at Kakinada in Andhra Pradesh, for which it has earmarked Rs 22,000 crore, feasible.
“We are committed to make the Kakinanda project viable,” company Chairman and Managing Director R.S. Sharma said at an informal meeting with the media on the ONGC Day here.
According to reports, the proposed refinery has been found commercially unviable in a pre-feasibility report.
A detailed feasibility report on the 15-million-ton refinery is expected to be finalised later this month.
“Let the report come, we will put it before the board,” for final decision, Sharma said.
He also said Prime Minister Manmohan Singh on 20 August will lay the foundation stone for the Rajiv Gandhi Urja Bhavan in Delhi where the company would set up the country’s “biggest research centre on energy” at a cost of Rs758 crore.
ONGC has already spent Rs268 crore on purchase of plot and another Rs490 crore are being invested on construction and furnishing of the building.
The focus of the research will be on the alternate source of energy like hydrogen fuel, solar energy and energy saving devices, Sharma said.
The ONGC CMD further said the company would hold a ‘Futuristic Strategy Meet´ at Agra on 25-26 August to discuss its future plans. “We are going to double our reserves by 2020. In this context, we are taking up new decisions,” he added.
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First Published: Tue, Aug 14 2007. 07 00 PM IST