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BPCL Likely To Set Up Its New Refinery In Machilipatnam
In a major development, Andhra Pradesh is likely to get two big ticket projects soon. While Bharat Petroleum Corporation Limited (BPCL) is looking at Andhra Pradesh to establish a new refinery, VinFast, an electric vehicle manufacturing company Vietnam, expressed interest to invest in Andhra Pradesh.
BPCL’s refinery would fetch Rs 60,000 to Rs 700 billion investment and likely to bring up to 25,000 direct and indirect employment opportunities. BPCL was considering Gujarat, Madhya Pradesh and Andhra Pradesh for its new refinery but after the meeting with chief minister N Chandrababu Naidu on Wednesday, they have zeroed in on AP, said sources.
BPCL chairman and managing director (CMD), M Krishna Kumar along with other representatives of the company met Naidu at his office in Amaravati on Wednesday. During the recent visit to Delhi, Naidu held talks with union minister for petroleum and natural gas, Hardeep Singh Puri on BPCL refinery. Following his discussions with Hardeep, BPCL representatives called on the chief minister to take the talks further.
Krishna Kumar told Naidu that it would require 4-5 thousand acres of land to establish oil refinery and petrochemical corridor. Naidu responded in affirmative and asked them to come up with a detailed project report. He promised to give complete cooperation from the state govt in acquiring the land and in providing other infrastructure. He asked them to come up with a feasibility report in next 90 days.
The proposal is to establish the refinery at Machilipatnam. This project will become game changer for one of the oldest municipalities in the country, where population is on the decline. As Machilipatnam port is under construction, a refinery would give more impetus to industrial growth of the city.
On the other hand, a delegation of VinFast India led by its CEO Pham San Chau met chief minister Naidu to discuss about possible investment opportunities in Andhra Pradesh.
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Naidu also explained the benefits of investing in the state and offered them complete support from the govt.
