Vice President urges ONGC to open its corporate office in Andhra Pradesh

Friday, April 13, 2018 
Visakhapatnam

The Vice-President M.Venkaiah Naidu today at a programme said that the GAIL, HPCL and ONGC are investing more than Rs.1.10 lakh crore in the State.

He urged the companies to expedite the projects by sorting out the issues, if any with the State government. He was particular about the greenfield petrochemical complex proposed at Kakinada. The CMDs of the three major companies gave presentations to the Vice-President explaining the details of the ongoing projects.

The greenfield petrochemical complex coming up at Kakinada at a cost of Rs.33,000 crore with HPCL, GAIL and the AP Government as partners. GAIL CMD B.C.Tripathi said the oil companies were expecting that the State government would take care of the viability gap funding and that the IRR was pegged at 14 per cent.

HPCL CMD M.K.Suranna said that the ongoing capacity expansion of the Visakha refinery from 8.33 million tonnes per annum to 15 million tonnes per annum at a cost of nearly Rs.21,000 crore and would be completed by 2020. He updated the Vice President on the Vijayawada-Dharmapuri pipeline. He said the project would be undertaken up at a cost of Rs.2,677 crore and would be completed by 2021.

ONGC CMD Sashi Sankar explained the projects undertaken in the Krishna Godavari basin. The ONGC on its part has spent more than Rs.50,000 crore on the Krishna-Godavari basin project till date.