 "Gail, HPCL ink MoU for Rs 40,000 cr petrochemicals complex in AP")
Hindustan Petroleum Corporation Ltd (HPCL), Gail India Limited and Government of Andhra Pradesh have signed a memorandum of understanding (MoU) for setting up a greenfield, standalone petrochemical complex in Andhra Pradesh. The proposed complex, which will come in 2000 acres of GMR’s Kakinada SEZ, is expected to involve investment of Rs 40,000 crores.
Kakinada is often referred to as the ‘Houston of India’ owing to the existence of hydrocarbon reserves and the oil & gas infrastructure. Acknowledging the advantage of Kakinada SEZ, which is the largest industrial area with port connectivity in this region, Indian oil & gas PSU majors will jointly build the new 1.5-million tonnes ethylene derivatives plant.
The plant will produce a wide range of petrochemical raw materials, which are used in the production of plastics, detergents, paints & coatings, cosmetics, textiles, adhesives, etc.
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