ONGC Plans ₹70,000 Crore Refinery Project in Uttar Pradesh

Oil and Natural Gas Corporation (ONGC) is exploring the possibility of establishing a major refinery and petrochemical complex in Uttar Pradesh to cater to the rising fuel demand. The proposed plant, with a capacity of nine million tonnes per year, is estimated to cost over ₹70,000 crore (USD 8.3 billion).

ONGC has initiated discussions with Bharat Petroleum Corporation Limited (BPCL) to collaborate on this project, potentially setting it up in Prayagraj. BPCL owns land in the region, providing ONGC a strategic advantage in terms of location and access.

BPCL has also been evaluating similar plans, considering both Andhra Pradesh and Uttar Pradesh for setting up its own refinery and petrochemical unit. The collaboration between ONGC and BPCL could be a game-changer for both companies.

The project reflects ONGC’s broader strategy to expand its refining capacity and diversify its portfolio amidst increasing energy demands in India.

If realized, this refinery will significantly contribute to the economic development of Uttar Pradesh, providing jobs and infrastructure growth in the region.

News by Rahul Yelligetti