BPCL big ticket investment will give huge boost to brand Naidu
The refinery project with a likely production of nine million tonnes will also have a petrochemical complex to tap the huge potential
image for illustrative purpose
Refinery Story:
- Rs60,000 cr to Rs70,000-crore greenfield refinery-cum-petrochemical complex project
- May be located at Machilipatnam or Kakinada
- BJP-ruled Uttar Pradesh and Gujarat Governments are also trying to woo BPCL
Visakhapatnam: If Andhra Pradesh Government clinches Rs60,000 crore to Rs70,000-crore greenfield refinery-cum-petrochemical complex project by Bharat Petroleum Corporation Ltd (BPCL), it will give a big boost to Brand N Chandrababu Naidu, fondly called CBN in the corporate world.
Within one month of assuming charge as Chief Minister, Naidu is in an advanced stage of discussions with the top brass of BPCL for bringing the big investment. On the other hand, BJP-ruled Uttar Pradesh and Gujarat Governments are also trying to woo BPCL for investment in the refinery project in their respective States. AP Minister for Mines and Excise Kollu Ravindra exuded confidence that Naidu will not only be successful in bringing BPCL investment to AP but also the project’s location will be Machilipatnam, represented by him in the Assembly.
The refinery project with a likely production of nine million tonnes will also have a petrochemical complex to tap the huge potential, informed sources said. According to the buzz, the project, if materialised, may be located at Machilipatnam or Kakinada.
A petrochemical corridor as part of PCPIR is projected with an estimated investment of Rs3.43 lakh crore between the port cities of Visakhapatnaman and Kakinada. The Centre has already sanctioned Rs1,000 crore towards developing the required infrastructure for a Bulk Drug Park at Nakkapalli in Anakapalli district.
After meeting the top officials of BPCL, AP Industries Minister TG Bharat said they are confident of an investment of about Rs1 lakh crore by the public sector oil company in AP in refinery and other projects. He indicated that after 90 days the BPCL management will meet the Chief Minister to finalise the location of the refinery project. The capacity of Visakh Refinery of HPCL was recently expanded from 8.33 to 15 million tonnes with an estimated investment of Rs26,264 crore. Though PCPIR was proposed a long ago, it became a non-starter due to economic slowdown, pandemic and delay in bringing about changes in the old PCPIR policy.
In a post on X (formerly Twitter), the Chief Minister said: “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, Krishna Kumar. We explored the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of 60-70,000 crore.”
Naidu said, “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.”
