Kolkata Stocks：India's largest oil company plans to spend $ 8.3 billion to build refineries

People familiar with the matter told Bloomberg that India's largest oil and natural gas exploration company State -owned Petroleum and Natural Gas Company (ONGC) is assessing plans to invest 8.3 billion US dollars of refineries and petrochemical projects in India to use growing fuel needs.

Indian Petroleum and Gas Company is considering that it will cost $ 8.3 billion (700 billion Indian rupees) refinery projects in northern states in northern India.Northern State has 241 million residents, which is the country with the largest population in the country.

According to Bloomberg, the refinery and petrochemical plant are expected to produce 9 million tons of fuel and petrochemical products each year.Sources told Bloomberg that Indian Petroleum Natural Gas Company has discussed the idea of ​​building an oil refinery in the Plajagragi region with the largest population in the Praja Gelagi region with State -owned Refinery Ballat Petroleum (BPCL).Bloomberg quoted people familiar with the matter last week. In addition, BPCL is said to be negotiating with major local banks to obtain about $ 3.8 billion in loans that will be used to expand the capacity of a refinery.BPCL is seeking to raise about $ 3.8 billion (320 billion India rupees) from a loan agency to increase its capacity of BINA refinery in central India's central state.

India said that in order to meet the growing fuel needs, it is expected that by 2028, its refining capacity will increase by about 1.12 million barrels per day each year.The total production capacity of Indian oil refining is expected to increase by 22%from the current annual 254 million tons, which is equivalent to about 5.8 million barrels per day.Kolkata Stocks

BPCL Chairman G.krishnakumar said last week that in the "foreseeable" future, the refinery is expected to grow at a rate of 4%to 5%per year per year.Agra Stock

In order to meet the growing demand for refined oils and petrochemical products, many Indian refineries plan to expand their crude oil processing capabilities and ethylene cracking devices of refineries.(Xiao Chen Compilation)Nagpur Investment