Hindustan Petroleum Corporation Ltd has signed a Memorandum of Understanding (MoU) with Gas Authority of India Limited (GAIL India), and the Government of Andhra Pradesh (GoAP) to set up a Rs. 40,000-crore petrochemical plant in the state.
The 50:50 joint venture will set up a 1.5-million tonnes ethylene derivatives plant in Petroleum, Chemical and Petrochemicals Investment Region (PCPIR) sites identified by the state government at Kakinada.
Hindustan Petroleum Corporation, GAIL and Oil and Natural Gas Corporation together are planning to invest Rs 1.18 lakh crore on oil and gas exploration and a new petrochemical complex in Andhra Pradesh as well. It was recently announced by Dharmendra Pradhan, Minister for Petroleum and Natural Gas at Visakhapatnam.
ONGC has also proposed to invest Rs 68,000 crore on offshore as sets in the Krishna-Godavari Basin on India’s east coast, apart from Rs 10,000 crore for exploration and production activities in onland blocks.