Major oil public sector units are planning to invest over Rs 1.43 lakh crore in Andhra Pradesh in coming years which would create jobs for thousands of people in the state, Oil Minister Dharmendra Pradhan said on Friday. He said that the investment will start from 2017-18 and all the investment will be completed by 2021-22.
Andhra Pradesh has immense hydrocarbon potential and it is going to become a major petroleum and petrochemical hub in the coming years, he said here at the CII Partnership Summit. “Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than Rs 9,400 crore in the last two and a half years and have plans investments of more than Rs 1.43 lakh crore in the state in the coming years,” he said. The Minister also said about $20 billion is being invested in KG basin by both public and private sector companies. “In the current scenario, KG basin is the most active area in the world. Such huge investment is happening in deep sea projects.”
The ONGC’s investment of Rs 78,000 crore will generate 3,000 direct jobs and thousands of indirect job in Andhra Pradesh. This will also attract world standard companies like Schlumberger in the state. “They all will operate from the state,” he added. He said that GAIl and HPCl are jointly developing a petrochemical plant in Kakinada.