#Industrial giants eyeing the #opportunities on #east #coast The State is poised for rapid economic growth in the coming years driven by the #Petroleum, Chemicals and Petrochemical #Investment #Region (PCPIR) between #Visakhapatnam and Chennai which started attracting #big-#ticket investments. The petroleum and petrochemical set up has thus far been confined to the west coast where several #companies have invested #huge amounts in their #ventures. The accelerated pace at which #commitments for investment are #pouring in for #PCPIR are indicative that the east coast, particularly the State, would soon become a favoured #destination for investments. #Kakinada is an immediate gainer as the thrust that #Central and the State governments laid on PCPIR resulted in domestic and foreign companies giving commitments relating to huge investments in their ventures. The establishment of a floating storage re-#gasification unit, which is a joint venture of A.P #Gas #Development #Corporation, #GDF Suez and Shell and a refinery of Ministry of Petroleum and #Natural Gas, for which the Ministry of Petroleum and Natural Gas has recently given the formal #nod, is set to change the #industrial #landscape in the #districts on the east coast. The #proposed crude oil refinery in the vicinity of Kakinada will be HPCL’s third one in the country and second in Andhra Pradesh after the facility at Visakhapatnam, Kakinada has a refinery planned by GMR. Another major project taking shape in the PCPIR is a cavern that can store crude oil at Visakhapatnam. It is being taken up by Indian Strategic Petroleum Reserves Limited, a Special Purpose Vehicle owned by Oil Industry Development Board. The port city is already host to a similar facility (storing LPG) of South Asia LPG Company Limited, a joint venture of HPCL and French multinational Total S.A. PCPIR set to change industrial landscape Industrial giants eyeing the opportunities on east coast THEHINDU.COM|BY (REPORTING BY V. RAGHAVENDRA).
Posted on: Thu, 22 Jan 2015 05:59:32 +0000
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