COVID blues reduced almost 20% of ONGC’s capital expenditure in FY21; oil refiners capex increased

Oil and gas producer ONGC spent about one-fifth less than its budgeted Capex (capital expenditure) in 2020-21 fiscal after COVID-19 related restrictions delayed projects. However, the downstream units and fuel marketers like Indian Oil Corporation (IOC) exceeded targeted capital spending, a government report showed.  Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in […]

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Coal India’s capital expenditure during 2020-21 records all-time high at Rs 13,115 crore

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Coal India said its capital expenditure (capex) almost doubled to hit an all-time high of Rs 13,115 crore in the just concluded fiscal year. CIL’s original sanctioned capex budget was Rs 10,000 crore for FY’21. ”Coal India Ltd (CIL) more than doubled its capital expenditure to an unprecedented high of Rs 13,115 crore in FY’21…. […]

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Govt-run oil and gas firms set to invest employment-oriented Rs 1.62 trillion this year

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State-run oil and gas firms are set to invest Rs 1.62 trillion in FY21 – including capital expenditure (capex) and operational expenditure (opex) — which is expected to generate employment of 240 million man-days. As many as 8,363 oil and gas projects are already work-in-progress, which will incur capital expenditure of Rs 1.2 lakh crore in FY21. […]

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Aramco suspends investment in Chinese refinery as it battles with low oil prices

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Even as Saudi Aramco’s investment into Reliance Industries’ petrochemical business hangs n balance, the oil giant is suspending its investment in a joint venture developing a $ 10-billion refinery and petrochemicals complex in China amid capex cuts, Bloomberg reported. The Chinese will proceed with the project, while the joint venture – in which Saudi Aramco holds […]

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