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BPCL eyes Masula for refinery project
Chief Minister N Chandrababu Naidu holds a meeting with BPCL officials at the Secretariat on Wednesday
PSU plans to invest up to Rs 70,000 cr in AP
Vijayawada : Andhra Pradesh is likely to get a major refinery project soon. The Bharat Petroleum Corporation Ltd has evinced keen interest in setting up the refinery at Machilipatnam.
BPCL Chairman and MD G Krishna Kumar discussed the project proposal with Chief Minister Nara Chandrababu Naidu on Wednesday. The company proposes to increase its refining capacity to 45 mmtpa (million metric tonnes per annum) by 2029.
“Machilipatnam is strategically placed on the eastern coast of the country. AP has significant petrochemical potential. I had a fruitful meeting with Krishna Kumar and explored the possibility of establishing an oil refinery and petrochemical corridor with an investment of Rs 60,000 crore to Rs 70,000 crore,” said Naidu.
The CM had sought a detailed feasibility report which the BPCL promised to submit within 90 days. The BPCL wants about 5,000 acres of land for the project. Naidu said that the government looks forward to facilitating this in a hassle-free manner. This project can generate about 20,000 jobs, according to the company sources.
It may be mentioned here that the BPCL operates three refineries located in Mumbai, Kochi, and Bina (Madhya Pradesh) with a combined annual refining capacity of around 36 mmtpa. There was a tough competition for this project as Uttar Pradesh, Madhya Pradesh and Gujarat were trying to clinch the deal.
Soon after the TDP-led alliance government came to power, BPCL evinced interest in exploring the possibility of setting up a refinery in AP. This was followed up by Naidu meeting Union Petroleum Minister Hardeep Singh Puri during his recent visit to Delhi and urging him to help the state and see that it was announced in the Union Budget to be presented on July 23.
It is learnt that the BPCL plans to invest about Rs 1.7 trillion over a period of five years in its core businesses of oil refining, fuel marketing, petrochemicals, and clean energy.
This includes capital expenditure of Rs 75,000 crore for refineries and petrochemical projects, Rs 8,000 crore for pipeline projects, and more than Rs 20,000 crore for marketing.
