India set to halve oil refiners' FY24 energy transition equity support

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India set to halve oil refiners' FY24 energy transition equity support

Energy 08 Jan 2024 08:11 PM IST The Hindu BusinessLine

India plans to reduce equity investment to $1.8 billion in 2023/24 to support three state oil refiners' green energy projects to curb the fiscal deficit. With a 40% revenue shortfall from stake sales, the government prioritises spending to limit the fiscal deficit to 5.9% of GDP. State-run Bharat Petroleum Corp and Hindustan Petroleum Corp aim for net-zero carbon emissions by 2040, while Indian Oil Corp targets 2046. The budget allocated ₹300 billion ($3.61 billion) in equity support, with ₹150 billion to be provided in 2023/24 staggered.

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India set to halve oil refiners' FY24 energy transition equity support

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