The government of India launched a new policy to encourage the setting up of integrated petroleum chemicals and petrochemical hubs in the country. The investment is around US$8.5 billion. The new initiative is aimed at projects in oil refining, fertilizers, chemicals, crackers and pharmaceuticals. The PCPIR policy is launched to promote investments and make the country an important hub for domestic and international markets. Each of these PCPIR's is expected to attract Rs 350billion-Rs 400billion. Each project would cover an area of 250sq.km. The PCPIR may include one or more special economic zones, industrial parks, free trade and warehousing zones, export oriented units, as also growth centers, that are duly notified under the relevant central or state legislation or policy.