By Rakteem Katakey July 9 (Bloomberg) -- Indian state-run oil and gas companies may spend 574.8 billion rupees ($11.7 billion) this year to increase production capacity and refining, the government said.
Explorers and producers led by Oil & Natural Gas Corp.<http://www.bloomberg.com/apps/quote?ticker=ONGC%3AIN>, the nation’s largest, have the Planning Commission’s approval to invest 387.3 billion rupees in the year ending March, Jitin Prasada<http://search.bloomberg.com/search?q=Jitin%0APrasada&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, the junior oil minister, said in the lower house of parliament in New Delhi today. Refiners, including Indian Oil Corp.<http://www.bloomberg.com/apps/quote?ticker=IOCL%3AIN>, the nation’s biggest, plan to spend 142.9 billion rupees, the minister said. Asia’s third-largest energy consumer wants to accelerate exploration and production of oil and gas and add refining capacity to help meet demand for fuels. Indian Oil plans to spend 135 billion rupees in the year ending March 31 on adding processing capacity, building chemical plants and maintenance, Serangulam V. Narasimhan<http://search.bloomberg.com/search?q=Serangulam+V.+Narasimhan&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, finance director, said in an interview June 19. State-run companies plan to spend 43.6 billion rupees on chemical projects this year, Prasada said. http://www.bloomberg.com/apps/news?pid=20601091&sid=agxLmLEhs7cw -- National Youth Day Dr APJ Abdul Kalam speech http://www.youtube.com/watch?v=k-O24qidjj0&feature=related --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
