Oil and Natural Gas Corporation (ONGC) is planning to set up a major refinery and petrochemical complex in Uttar Pradesh, with the goal of capitalizing on the rising demand for fuel. The proposed facility, will be designed to handle nine million tons annually, ONGC is looking at an investment exceeding ₹700 billion.
ONGC has started talks with Bharat Petroleum Corporation Ltd (BPCL) to explore a potential partnership for the project. BPCL owns land in Prayagraj, which is being considered as a possible site for the refinery.
The location’s strategic advantages and the pre-existing land could provide ONGC with a significant edge, particularly in a country where infrastructure developments often face setbacks due to land acquisition challenges.
As reported by manufacturingtodayindia.com, India, one of the world’s rapidly expanding major economies, is witnessing a significant surge in the consumption of crude oil and petrochemicals, even as it continues to enhance its renewable energy capacity. The proposed project in Uttar Pradesh is in line with ONGC’s strategy to meet the growing demand.
