MANGALORE: The Oil and Natural Gas Corporation (ONGC) will invest Rs. 50,000 crores in the Coastal Special Economic Zone (CSEZ) planned in Mangalore, apart from the investment by other industries.

This was stated by ONGC Chairman Subir Raha, who is also chairman of Mangalore Refineries and Petrochemicals Limited and the CSEZ Committee. Mr. Raha welcomed the decision of the Prime Minister's Office to ask the New Mangalore Port Trust to participate in the development of the CSEZ at Mangalore.

The ONGC had till now envisaged a total investment of Rs. 25,000 crores from itself and the participating industries.

Speaking to presspersons on the sidelines of a function to dedicate a midday meal kitchen of Akshaya Patra Foundation of the International Society for Krishna Consciousness (ISKCON) here on Sunday, Mr. Raha said Rs. 13,000 crores will be invested on the dual-feed Cracker and Aromatics complex, while another Rs. 25,000 crores will be required for the expansion of the MRPL, that will include a gas cracker plant and a liquefied natural gas terminal.

Mr. Raha said Rs. 15,000 crores will be invested in a petrochemical complex.

He said other industries are likely to increase their investment in the CSEZ, particularly in the petro sector.

Mr. Raha said he is optimistic of the company hosting the CSEZ. The Principal Secretary to the Prime Minister has apprised the Government of the need to appoint a nodal officer (Chief Executive Officer) to head the CSEZ, he said and added that the process of land acquisition should begin.

He said the SEZ Development Commissioner is operating from Kochi. Mr. Raha said that he has conveyed to the Government to post a SEZ Development Commissioner at Mangalore to speed up the project.

On the retail expansion programmes of the MRPL and the ONGC, Mr. Raha said both the companies will open their retail outlets in Mangalore and Bangalore by Deepavali.

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