28 September 2006 02:29 [Source: ICIS news]
MUMBAI (ICIS news)--India plans to soon unveil a new petrochemical policy aimed at attracting investments from foreign and domestic companies and promoting demand for petrochemicals, a senior government official said last week.
"We are in the process of formulating the policy and it will soon be placed before the cabinet for approval," said Satwant Reddy, Secretary, Chemicals & Petrochemicals, Ministry of Chemicals & Fertilisers, at the Chem Summit 2006 organised by the Confederation of the Indian Industry.
The policy will emphasise the creation of petroleum, chemicals and petrochemicals investment regions (PCPIRs) across the country. It would provide details on incentives and facilities that would be available at the proposed PCPIRs.
Each PCPIR would be spread over 250 square kilometre of which 100 square kilometre would be the processing area where chemicals would be produced, Reddy said. The balance would house required infrastructure such as utilities, storage facilities and a port.
Government sources told ICIS news earlier this year that the PCPIRs would contain world-class infrastructure making them self-sufficient and efficient industrial hubs.
The government has shortlisted five sites across India for housing the PCPIRs. These are Dahej in Gujarat, Haldia in West Bengal, Paradip in Orissa, Vishakapatnam in Andhra Pradesh and Mangalore in Karnataka.
Refinery and cracker projects already planned at these sites would be included in the PCPIRs. For instance, Indian Oil Corp is planning to build a 15m tonne/year refinery and associated petrochemical plants at Paradip. Oil and Natural Gas Corp (ONGC) recently received board approval for a 1.1m tonnes/year cracker and derivatives project at Dahej, which it plans to commission in mid-2010.
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