ONGC to raise 7,000cr loans for M'lore refinery

New Delhi, Apr 16: Upstream major Oil and Natural Gas Corporation (ONGC) will raise Rs 7,000 crore in the next six months to part finance its Mangalore refinery upgradation programme.

''We are in talks with banks to raise up to Rs 7,000 crore for Mangalore refinery expansion,'' ONGC acting Chairman and Managing Director R S Sharma told reportes here today.

''We have to tie up for the funds,'' he added.

The project will raise capacity of the refinery to 15 million tonnes per annum by 2010.

Mr Sharma said ONGC would pump in Rs 18,000 crore towards exploration and production (E&P) of oil and gas this fiscal.

''A sum of Rs 5,000 crore of the Rs 18,000 crore would be spent on exploration and the rest would be utilised for improving recovery from existing fields and developing new ones,'' the ONGC chief said.

Last year, the capital expenditure of the company was Rs 15,000 crore.

UNI