State-run oil companies spend one-fifth of annual capex target in Q1

State-run oil companies have spent Rs 20,000 crore, nearly a fifth of their annual capex target of Rs 1,05,000 crore, in the first quarter this year, as per the Oil Ministry data.

Bharat Petroleum (BPCL NSE -0.62 %) has spent at the fastest pace among state-run companies, using up 39% of its annual target of Rs 10,000 crore in the April-June period. The refiner, which is seeking a new owner, is investing in a range of projects from pipelines to petrochemicals facility, marketing infrastructure and city gas.