Andhra govt, BPCL study feasibility of ₹70,000 Cr petrochemical plant

11 Jul 2024 , 09:55 AM

Andhra Pradesh Chief Minister N Chandrababu Naidu met with officials from Bharat Petroleum Corporation Ltd on Wednesday to discuss the possibilities of establishing an oil refinery and petrochemical complex that might attract investments of ₹70,000 Crore.

The Chief Minister met with G Krishna Kumar, chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL), at the Secretariat.

“We explored the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of 60-70,000 Cr. (₹60,000 to ₹70,000 Crore,” said Naidu in a message to X.

He asked officials to create a full feasibility analysis within 90 days, pointing out that the state is strategically placed on the country’s east coast and has great petrochemical potential.

According to the CM, a project of this magnitude requires up to 5,000 acres of land, and he has promised that the state government will make every effort to make it happen smoothly.

BPCL is a Maharatna public sector undertaking and a Fortune 500 firm that operates in oil refining and fuel retailing, among other sectors.

Similarly, Naidu met Pham Sanh Chau, the CEO of VinFast, a Vietnamese automobile company.

“I had an interesting conversation with VinFast’s CEO, Pham Sanh Chau. VinFast is a major automobile conglomerate from Vietnam. I’ve encouraged them to put up an EV (electric vehicle) and battery production factory in Andhra Pradesh,” Naidu added.

The CM asked the Industries department to help the VinFast team visit potential land parcels and expressed his hope for a successful relationship with the Vietnamese enterprise.

VinFast’s parent company, Vingroup, has business interests in a variety of areas, including technology, industrials, real estate, and services, among others.

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