ONGC-MRPL investment to cross $11363.63M

By agencies   |   Monday, 20 March 2006, 08:00 Hrs
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MANGALORE: The Oil & Natural Gas Company (ONGC) investment in Mangalore may cross $11363.63 million, informed ONGC-MRPL Chairman Subeer Raha. The ONGC was planning a new refinery altogether in Mangalore, in addition to the existing one.

Raha said, “The 15 MTPA refinery with petrochemicals will cost at least $5681.81 million to $6818.18 million.” The company had already cleared $2954.54 million for expansion of refinery and aromatics complex.

Stating that the Prime Minister has extended his full support for developing infrastructure and capacity in Mangalore, he urged the State government to expedite land acquisition, environment clearances, water supply and utilities among others things.

“If ONGC-MRPL is bringing in $10227.27 million to $11363.63 million investment, downstream there should be equally large opportunities for other investors from public or private sector to come into SEZ. Besides the land meant for SEZ, an equal amount of land should be kept available for other investors so that they can also implement their schemes,” he noted.

Commenting on Liquified Natural Gas (LNG) plans, Raha said the ONGC was trying to contract supplies. “Right now, international market is very tight, both for supply and price. However, we are talking to different companies and we are hopeful that once we have the contracts for LNG, it will come in for terminating, regassification, distribution and power,” he said and added that “unless the ONGC has a contract, it is premature to make a statement.”

Raha said he has requested the State government to depute a senior officer, who can take over as the CEO of the SEZ company and who can become the nodal officer for development.

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