Increase in the Assam Government Partnership in Numaligarh Refinery

Increase-in-the-Assam-Government-Partnership-in-Numaligarh-Refinery

Chief Minister of Assam addressed a press meet on equity enhancement of Government of Assam in Numaligarh Refinery LTD. Chief Minister Dr. Himanta Biswa Sarma on Thursday, May 27, handed over a cheque of ₹500 crore to the President and Managing Director of Oil India Limited. Another 500 crore rupees had been paid in March. Hence, this has increased the Assam Government’s partnership stake in Oil India Limited’s Numaligarh Refinery to 18.59 percent, leaving 7.41 percent to be acquired this year, for an enhanced cumulative share of 26 percent from 12.35 percent previously.


The state government had decided to invest Rs 2,187 crore in NRL. This will be the highest-ever investment by the Assam government in any public sector undertaking so far. NRL will increase its refining capacity from three million metric tonnes (MMT) to nine MMT by 2024.


“The remaining Rs 1,150 crore will be cleared by September for a 26 per cent share in NRL. An annual dividend of Rs 500 crore is expected from the investment. We therefore expect to recover the investment made in the share along with the interest within the next four to five years,” Sarma said. “This will definitely lead to more earning for the state government,” he added.


CM Himanta Biswa Sarma further stated that the opportunity to increase partnership in Numaligarh Refinery is very important as it will benefit the future generations of the state. CM Sarma also said that the partnership was a golden moment for the people of Assam.


"Oil India Limited is the very own program of the people of Assam, every drop of oil produced is contributing to the development of Assam" said CM Himanta Biswa Sarma in the press conference. He further stressed that the role of the oil sector in the economic development of Assam is enormous.




NEWS CORE DESK

NEWS CORE DESK

NewsCore Desk

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