ONGC proposes ₹1 lakh-crore refinery, petrochemical complex in Prayagraj
The proposed project, with a capacity of 12 million metric tonnes per annum, is expected to bring significant investment to Prayagraj, while also creating substantial direct and indirect employment opportunities
The Oil and Natural Gas Corporation (ONGC) has proposed an investment of ₹1 lakh crore to set up a refinery-cum-petrochemical complex in Prayagraj.
An official press release said considering the favorable industrial environment and ease of doing business in Uttar Pradesh, major companies are showing keen interest in investing in the state and ONGC has proposed to the Yogi government to set up a refinery-cum-petrochemical complex in Prayagraj.
The proposed project, with a capacity of 12 million metric tonnes per annum, is expected to bring significant investment to Prayagraj, while also creating substantial direct and indirect employment opportunities.
The refinery project is likely to be a collaboration between ONGC, Bharat Petroleum Corporation Limited (BPCL) and an international partner. The state government’s officials and ONGC are holding discussions on the technical aspects of the project.
The Yogi government has assured the ONGC of various incentives, including capital subsidies, SGST reimbursement, interest subsidies, and exemptions on electricity charges and stamp duty, among others. This project is aligned with Uttar Pradesh’s policies to attract Fortune-500 companies and foreign direct investment (FDI).
The Yogi government’s efforts have led to the commencement of a JK Cement plant in Shankargarh, and Varun Beverages is in the process of setting up a ₹1000 crore plant in Saraswati Hi-Tech City. With BPCL already possessing substantial land in Naini and Bara, Prayagraj, the proposed refinery is poised to further accelerate the region’s industrial growth.
“Under the guidance of Prime Minister Narendra Modi and the leadership of chief minister Yogi Adityanath, Uttar Pradesh is emerging as the top destination for investment. The New Uttar Pradesh of New India stands as the best example of business-centric and citizen-centric reforms in the country,” Uttar Pradesh industrial development minister Nand Gopal Gupta Nandi said in a statement.
He said investors are now coming forward to invest in Uttar Pradesh due to strengthened law and order and excellent industrial policies implemented by the chief minister.
“Under previous governments, investors were driven away from Uttar Pradesh due to fears of goons and mafias. However, today, industrial units are not only being established in Noida and NCR but also across various districts and regions of Uttar Pradesh. ONGC’s proposal to set up a refinery plant in Prayagraj stands as clear evidence of this transformation,” he added.