BPCL to submit plan for petrochemical complex

Naidu assured them that necessary land will be allotted to the company within 90 days, once they submit a detailed proposal for the project.
CM Chandrababu Naidu with BPCL delegation, led by Chairman and Managing Director Krishna Kumar, at the Secretariat on Wednesday
CM Chandrababu Naidu with BPCL delegation, led by Chairman and Managing Director Krishna Kumar, at the Secretariat on Wednesday Photo | Express

VIJAYAWADA: A delegation of BPCL (Bharat Petroleum Corporation Limited), led by its Chairman and Managing Director Krishna Kumar, called on Chief Minister N Chandrababu Naidu at the Secretariat on Wednesday and discussed a proposal to set up a petrochemical complex and an oil refinery in the State.

Asserting that Andhra Pradesh is the best choice for investments, Naidu assured the BPCL delegation that land required for the project will be allocated. If the proposal materialises, the Petroleum Corporation will invest Rs 60,000 crore in the State to establish an oil refinery and a petrochemical complex.

The company representatives informed the Chief Minister that at least 4,000 to 5,000 acres of land will be required to establish the petrochemical complex.

Naidu assured them that necessary land will be allotted to the company within 90 days, once they submit a detailed proposal for the project. The delegation informed Naidu that they will be back with the feasibility report, latest by October, an official release said.

The development comes days after Naidu visited New Delhi and held discussions with Hardeep Singh Puri, Union Minister of Petroleum and Gas, on setting up a refinery in the State as per Section 93 (4) of the Andhra Pradesh Reorganisation (APRA) Act, 2014.

EV firm invited to set up unit in AP

Naidu also met Pham Nhat Vuong, CEO of Vietnam-based automobile conglomerate VinFast. He invited the company to set up their electric vehicle and battery manufacturing units in the State

BPCL is ready to invest Rs 1 lakh cr in State: Minister

In an official statement, Industries Minister TG Bharath said BPCL is ready to invest Rs 1 lakh crore in the State. Initially, the Corporation plans to invest Rs 50,000 crore to Rs 75,000 crore, he said and added that BPCL representatives will meet Naidu once again after 90 days. Following this, a decision will be taken on the location for setting up of the petrochemical complex. According to officials, establishment of the refinery will augur well for the country as the fuel production capacity will improve, thereby helping India become a developed nation.

It has been learnt that BPCL is planning to set up a new refinery amid rising petrochemical demand in the country. However, the company has not decided on the location yet. The Corporation currently runs oil refineries in Mumbai, Kochi, and Bina in Madhya Pradesh. It has plans to invest Rs 1.7 lakh crore in the coming five years in oil refining, fuel marketing, petrochemical, and clean energy businesses.

Vietnam-based EV firm invited to set up unit

The Chief Minister also met Pham Nhat Vuong, CEO of Vietnam-based automobile conglomerate VinFast. He invited the company to set up their electric vehicle and battery manufacturing units in the State. He asked the company representatives about the resources needed for establishing a unit and assured them that required land will be allocated for the same. Industries Minister TG Bharat said the company held talks on investing Rs 4,000 crore in the State.

Chief Minister Nara Chandrababu Naidu with CEO of VinFast Pham Sanh Chau at the State Secretariat in Velagapudi on Wednesday
Chief Minister Nara Chandrababu Naidu with CEO of VinFast Pham Sanh Chau at the State Secretariat in Velagapudi on Wednesday Photo I Express

N Chandrababu Naidu @ncbn

“Strategically placed on the eastern coast of the country, our state has a significant petrochemical potential. Today, I met with the representatives of the Bharat Petroleum Corporation Limited led by Chairman and Managing Director, Mr Krishna Kumar. We explored the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of 60-70,000 Cr. I have sought a detailed plan and feasibility report in 90 days. About 5,000 acres of land will be required for this project, which the government looks forward to facilitating in a hassle-free manner.”

“Had an engaging discussion with the CEO of VinFast Mr. Pham Sanh Chau. VinFast is a leading automobile conglomerate from Vietnam. Have invited them to set up their EV and battery manufacturing plant in Andhra Pradesh. The industries department has been instructed to facilitate their visit to suitable land parcels. Looking forward to a successful collaboration.”

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