Prime Minister Modi will launch petroleum projects worth Rs 1.64 lakh crore for the nation on March 2, 2024. These projects include various sectors such as petroleum, natural gas, railways, and fertilizers. They will increase the economic growth of the nation and improve the quality of life of its citizens.
In the petroleum sector, PM Narendra Modi will inaugurate 29 out of 39 projects, with a budget of ₹89,000 crore, while the remaining 10 projects will cost over ₹60,000 crore. The investment aims to improve the petroleum industry and enhance the overall productivity of energy distribution networks.
The most important projects are those related to the Oil and Natural Gas Corporation (ONGC) and the Krishna Godavari (KG) Basin. The PM will dedicate the first oil produced from the KG Basin, and he will take the first crude oil tanker, the “Swarna Sindhu,” from the ONGC Krishna Godavari deep-water project to MRPL Mangalore, Karnataka. With the potential to lessen India’s reliance on energy imports, this will be a great achievement for the country’s energy sector. This project is worth Rs 41 crore and will increase oil and gas production by 11% and 15%, respectively.
There are a total of twelve projects and they are namely, Visakh Refinery Modernization Project, ONGC’s Mumbai High North Redevelopment Phase IV for Rs 3,977 crore, Heera Re-development Phase-III Project worth Rs 2,495 crore, the development of Nagayalanka Field for Rs 285 crore, Barauni Refinery Expansion, Panipat Refinery Capacity Expansion, Indian Institute of Petroleum and Energy (IIPE), Poly Butadiene Rubber plant at Panipat worth Rs 2,103 crore, Naphtha Cracker Expansion Project at Panipat Refinery worth Rs 1,636 crore, PX-PTA Expansion Project at Panipat Refinery worth Rs 1,255 crore, installation of an ethanol plant based on LanzaTech Gas Fermentation Technology, Railways, and Fertilizer projects.
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