State refiners spent more than they had planned in 2019-20
NEW DELHI: Hindustan PetroleumNSE 1.92 %, Bharat PetroleumNSE 0.42 %, Indian OilNSE 1.40 % and ONGC Videsh exceeded their capital expenditure targets in 2019-20, more than offsetting slower spending by GAILNSE 0.96 %, ONGCNSE 1.97 % and Oil IndiaNSE 1.23 %, as India’s state-run oil companies together spent 6% more than their annual capex target last fiscal year.
Their combined capex of Rs 98,955 crore was also 3.4% higher than what they had spent in 2018-19, according to the oil ministry data.
Oil companies have been off to a slow start this year due to the Covid-19 pandemic and the lockdowns in several countries that have severely restricted movement of men and material across the globe, affecting projects.
