Oil and Gas Startups to get Financial Assistance

The Ministry of Petroleum and Natural Gas is planning to lend its hand to startups in terms of financial assistance in the oil sector to validate their presence in PM Mr. Narendra Modi’s ambitious Start-Up India project.

• Dharmendra Pradhan, Ministry of State (independent Charge) and Ministry of Petroleum & Natural Gas, revealed that all the oil PSUs (Public Sector Undertakings) will invest in new startups those are involved in innovation.
• He also said that in order to boost entrepreneurship in the petrochemical sector, the central government is working to bring a policy to provide 10% purchase preference to local entrepreneurs.
• Pradhan also revealed that the sector has experienced a growth of 14% and the government has a huge target to increase the said industry’s total output to 12 million metric tonnes from the present 6 million metric tonnes.
• He also said that the capital expenses worth Rs. 2 lakh crore are to be made in various product courses like Polyester intermediates, Polyester Film, yarn, Polymers etc. The Chairman of Indian Oil Corporation, Mr. B Ashok has on the other hand said that the India’s largest commercial enterprise in the next 3 to 4 years is planning to invest Rs. 7,650 crore to establish a petrochemical complex in Paradip, Orissa.

(Source: The Hindu)