Govt cuts outlay for equity in energy transition projects of big 3 oil firms by Rs 15K crore ...Middle East

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Govt cuts outlay for equity in energy transition projects of big 3 oil firms by Rs 15K crore
New Delhi: The government has slashed by half to Rs 15,000 crore, the allocation for equity infusion in the energy transition projects of Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd, the Finance Ministry has said. The Finance Ministry announced the decision to reduce the equity support and defer filling strategic oil reserves in a post on X. In the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman had announced an equity infusion of Rs 30,000 crore to support the energy transition plans of the three oil marketing companies. She had also proposed an outlay of Rs 5,000 crore for buying crude oil to fill strategic underground coa

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