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Business News/ News / With eye on elections, PM to launch new petroleum projects worth 1.49 tn

With eye on elections, PM to launch new petroleum projects worth ₹1.49 tn

Modi will lay the foundation stones of 29 projects involving a projected capital expenditure of ₹89,000 crore on 2 March

Prime Minister Narendra Modi. (PTI)Premium
Prime Minister Narendra Modi. (PTI)

NEW DELHI : New Delhi: Prime Minister Narenda Modi is set to inaugurate 29 projects and lay foundation for 10 more in the petroleum sector worth 1.49 trillion ahead of elections due shortly. 

Modi will flag off an oil tanker from the ONGC Krishna Godavari deep water project on Saturday, which will carry 'first oil' from the Krishna Godavari Basin to Mangalore Refinery and Petrochemicals Ltd. 

First oil was produced from the block on 7 January. The peak production of the field is expected to be 45,000 barrels per day of oil and around 10 million metric standard cubic metres per day (MMSCMD) of gas.

Officials with knowledge of the developments said Modi will also inaugurate the Visakh Refinery Modernization Project (VRMP) on the same day. The project is being executed by Hindustan Petroleum Corporation Ltd (HPCL) to modernize and enhance capacity at Visakh Refinery at Visakhapatnam, Andhra Pradesh at an investment of 26,264 crore.

The Mumbai High North Redevelopment Phase IV of ONGC with an investment of 3,977 crore is another project to be inaugurated by the prime minister on Saturday. The project involves the drilling of 43 wells.

Modi will also lay the foundation for the Barauni Refinery Expansion project. The capacity of the IndianOil's Barauni refinery in Bihar would be expanded from 6 million metric tonnes per annum (MMTPA) to 9 MMTPA along-with secondary process units including petrochemicals at an estimated cost of 11,412 crore. 

He will also launch the expansion of the Panipat, Haryana, refinery of the state-run oil marketing company with an approved cost of 38,231 crore.

The expansion of the Barauni refinery is expected to be completed by December, while the Panipat refinery's expansion is projected to be completed by the end of next year.

The ministry of petroleum and natural gas and the prime minister's office did not immediately respond to mailed queries.

The development comes at a time when the Election Commission is expected to announce the dates for general elections. ECI is expected to announce elections to the Lok Sabha shortly, bringing in the model code of conduct that prevents the government from making announcements that may influence voting.

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Published: 28 Feb 2024, 09:09 PM IST
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