State-run Oil India’s subsidiary, Numaligarh Refinery, will be investing ₹6,555 crore to set up a petrochemicals project at Numaligarh in Assam.
The leading oil and gas producer also announced the formation of a Joint Venture (JV) between Assam Gas Company (AGCL) for the three geographical areas (GAs) offered by the Petroleum and Natural Gas Regulatory Board (PNGRB) under the 11th round of city gas distribution (CGD) bidding.
Single largest investment
Last year in October, the Ministry of Petroleum & Natural Gas (MoPNG) approved a revised project cost of ₹28,026 crore for the ongoing Numaligarh Refinery Expansion Project to increase refining capacity from 3 MMTPA to 9 MMTPA (million metric tonnes per annum). This will be the single largest investment in northeast India.
It also includes constructing a crude oil import terminal at the Paradip port in Odisha and laying of a 1,635-km long cross country crude oil pipeline from Paradip Port to Numaligarh.
Oil India holds 69.63 per cent stake in Numaligarh refinery, while the Assam government holds 26 per cent stake, as of January 2022.