Large Investments in India Petrochemical Sector

By admin • August 6th, 2010

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The petrochemical sector in India has just been approved an investment worth Rs 1,54.512 crore from the Ministry of Chemicals and Fertilisers in three regions under the PCPIR (petroleum chemicals and petrochemicals investment regions) policy.

The investment will help to grow various sectors in the petrochemical sector. Rs 44,812 crore will go towards physical infrastructure development. The remaining investments will help project-specific investments by public and private companies in three PCPIRs of Visakhapatnam and East Godavari districts in Andhra Pradesh, Bharuch in Gujarat and East Midnapore in West Bengal. The physical investments will include a viability gap funding to provide financial support, such as grants, to infrastructure projects undertaken through public-private partnerships.

The Visakhapatnam and East Godavari PCPIR has received investment commitments from the state government, private-public partnerships and other private parties. Further investment is expected from a variety of companies with committed investments such as ONGC (oil and gas exploration in KG basin), Rain Commodities, Continental Carbon India Ltd, Indian Strategic Petroleum Reserve Ltd, Velankani Chemicals, Air Liquide India, Southern Online Biotechnologies, Reliance Industries Ltd, Bharat Petroleum Corporation Ltd, Hetero Drugs, Baker Hughes, Gangavaram Port Ltd, Visakhapatnam Port Trust, National Thermal Power Corporation, Hinduja Power Project and Kakinada SEZ

Bharuch PCPIR in Gujarat main anchor investor is ONGC Petro Additionals Ltd (OPAL), This is a joint venture of ONGC and Gujarat State Petroleum Corporation which has assigned a project investment of Rs 16,400 crore.

The whole scheme is designed to promote investments in the chemical and petrochemical sector. The ministry has also said they are to organise major trade fairs in Europe and Latin America countries, with ambitions to make India an important hub for domestic and international markets.

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