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ONGC Plans Higher Capex Target in Next FY

ONGC expects its annual capex to rise by 10 percent in the next financial year on the back of increased upstream activity. The aim is to double to Rs 60,000 crore after three years as the firms' plans in the new petrochemical and green energy segment surge ahead.

 

The integrated energy company expects the capex to rise by Rs 3,000 crore next year to Rs 33,000 crore and remain steady till 2026-27. Green spending may boost it by another Rs 2,000-3,000 crore.

 

ONGC has plans to spend Rs 1 lakh crore on petrochemical expansion and another Rs 1 lakh crore on green business by 2030, which could translate into an additional annual spending of about Rs 60,000 crore, apart from the regular oil and gas capex of Rs 33,000 crore. The annual capex could be pegged at Rs 90,000 crore.

 

The green business is likely to bring in investment through collaborations such as joint ventures.

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