Industry

Oil PSUs implementing ₹3.57 lakh-cr. projects

Oil public sector undertakings (PSUs) such as IOC and ONGC are implementing about ₹3.57 lakh crore worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday.

In Twitter posts, the Ministry of Petroleum and Natural Gas said out of ₹3.57 lakh crore being spent on 859 projects, more than ₹60,000 crore will be invested during fiscal 2020-21.

While Indian Oil Corporation (IOC) is implementing projects to upgrade oil refineries as well as expand pipeline network to take fuel to every nook and corner, Oil and Natural Gas Corporation (ONGC) is exploring for oil and gas from deserts to the deep sea.

Employment days

A total of more than 9.74 crore mandays of employment is expected to be generated from the completion of these projects.

Out of this, more than 3.5 crore mandays of employment is expected to be generated in fiscal year ending March 2021 itself.

For the period between April 29 and June 30, employment of more than 48.96 lakh man-days has been generated in the execution of these oil and gas projects, the Ministry said, adding that ₹1,395 crore has been disbursed to workers as payout in this period.

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Printable version | Aug 15, 2020 7:26:55 PM | https://www.thehindu.com/business/Industry/oil-psus-implementing-357-lakh-cr-projects/article32007781.ece

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