ONGC Proposes ₹1 Lakh-Crore Refinery and Petrochemical Complex in Prayagraj

The Oil and Natural Gas Corporation (ONGC) has announced plans to invest ₹1 lakh crore in a refinery-cum-petrochemical complex in Prayagraj, Uttar Pradesh. The proposed project, with a capacity of 12 million metric tonnes per annum, aims to boost industrial growth in the region, creating significant direct and indirect employment opportunities. A collaboration between ONGC, Bharat Petroleum Corporation Limited (BPCL), and an international partner, the project is set to benefit from incentives offered by the Yogi Adityanath-led government, including capital subsidies, SGST reimbursements, and exemptions on electricity charges. The initiative aligns with Uttar Pradesh’s broader push to attract Fortune 500 companies and foreign direct investment (FDI). The state has already seen new industrial projects, such as a ₹1000 crore Varun Beverages plant and a JK Cement plant. With BPCL already holding land in Naini and Bara, the refinery is poised to further propel Prayagraj’s industrial landscape, bolstered by Uttar Pradesh’s business-friendly policies and improved law and order.