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Major oil public sector units are planning to invest over Rs 1.43 lakh crore in Andhra Pradesh in coming years which would create jobs for thousands of people in the state, according to Oil Minister Dharmendra Pradhan. He said that the investment will start from 2017-18 and all the investments would be completed by 2021-22.
Andhra Pradesh has immense hydrocarbon potential and is going to become a major petroleum and petrochemical hub in the coming years, Pradhan said at the CII Partnership Summit.
“Our oil PSUs are partnering with Andhra Pradesh to build new synergies in the hydrocarbon sector. The oil PSUs have invested more than Rs 9,400 crore in the last two and a half years and have planned investments of more than Rs 1.43 lakh crore in the state in the coming years,” he said.
The minister also said about $20 billion is being invested in the KG basin by both public and private sector companies.