[INDIA] Hindustan Petroleum Corp-Mittal Energy Investments-Total consortium to fuel 3.5 L cr investment in petro hub

A cabinet secretary-chaired panel last week cleared the first mega oil, chemical and petrochemical investment hub, which is expected to attract an investment of Rs 3,43,000 crore.

Mittal Energy Investments, Total SA of France and oil refining and marketing major Hindustan Petroleum Corp (HPCL) would invest Rs 32,000 crore in the proposed petroleum, chemical and petrochemical investment region (PCPIR) which the Andhra Pradesh government has proposed in the Vishakhapatnam-East Godavari region.

The Cabinet committee on economic affairs (CCEA) is expected to consider the proposal on Thursday to give it the final go-ahead before the companies start construction work. The state government has a small administrative step to complete the process: notify the 603-sq km area as the petroleum, chemical and petrochemical hub, it is learned.

Source: India Economic Times|by Gireesh Chandra Prasad & G Ganapathy Subramaniam

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