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Saudi may Finalize Investment in ONGC, BPCL Refineries in 7-8 months

Two Indian state-run oil companies would complete a detailed feasibility report (DFR) of the upcoming greenfield refineries in the next seven to eight months, after which a final decision would be taken on investment share of Saudi Arabia in these projects, a top government official said.

Bharat Petroleum Corporation Limited (BPCL) and Oil and Natural Gas Corporation Limited (ONGC) are currently working on DFRs of their respective upcoming refineries in India. A DFR analyses the viability of a refinery and helps in finalizing the total investment required for a project, as per the capacity.

“It usually takes a year for companies to complete DFR. So, basically 7-8 months from now they should complete it and then a call on investment could be taken (by Saudi Arabia),” the official said.

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