The project, cleared by the Union Cabinet on July 3, is likely to attract a total investment of Rs 92,160 crore and provide job opportunities to 7,50,200 people, a statement from the Ministry of Chemicals and Fertilizers, headed by M K Alagiri, said.
It is likely to be launched in Cuddalore soon, it said.
Besides petrol, diesel, kerosene and naphtha, the project will also produce polyester, synthetic fibre, syntex tanks, pipes and goods required in the automobile industry.
Nagarjuna Oil Corporation (NOCL) and state-owned Chennai Petroleum Corporation Limited (CPCL) would be the lead anchor tenants in the proposed PCPIR.
NOCL is setting up a six million tonnes per annum (mtpa) refinery at Cuddalore with Rs 9,660 crore investment and CPCL is planning a 15 mtpa capacity refinery-cum-petrochemical complex with Rs 40,000 crore outlay.