04 July 2012 16:14 [Source: ICIS news]
A total of Indian rupees (Rs) 92,160 crore ($1.7bn) is expected to be invested in the project, which includes a committed investment of Rs 22,160, the PIB said.
The project will be set up in the Cuddalore and Nagapattinam districts in the coastal belt of Cuddalore, Chidambaram, Shirali and Tarangambadi Talukas. It will cover an area of 256.83 km2 (99.16 miles2).
The PIB said Nagarjuna Oil Corporation Limited (NOCL), a joint venture between Tamilnadu Industrial Development Corporation Limited (TIDCO) and Nagarjuna Fertilisers and Chemicals Limited (NFCL), the flagship company of the Nagarjuna Group, has been identified as one of the “Anchor Tenants” for the PCPIR.
“NOCL is setting up a 6m tonne/year refinery project at Cuddalore, Tamil Nadu at a total cost of Rs 9660 crore. The project activities have commenced and the target date of completion of the refinery is September 2013,” the PIB added.
It said NOCL has also finalised in-house configuration mapping for expansion of the refinery by 9m tonnes/year and will bring the total crude processing capacity to 15m tonne/year by 2015–16.
“Apart from regular petroleum fuels that are expected from this expansion, NOCL plans to set up a xylene production facility, purified terephthalic acid [PTA] plant and a propylene recovery unit,” said the PIB.
The project will also involve a second “Anchor Tenant”, Chennai Petroleum Corporation Ltd. (CPCL), which is planning to establish an integrated 15m tonne/year capacity refinery and petrochemical complex.
“It will have a grass root refinery along with ethylene cracker, downstream derivative units as well as aromatic complex Para-Xylene. The project is designed for production of 1.2m tonne/year of ethylene,” it added.
($1 = Rs 54.24)
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