IOC's plans of petrochemical hub in Nayachar could be derailed

24-Mar-08
India's largest oil refiner- Indian Oil Corporations' plans to set up a Rs 15,000 crore petrochemical project at Nayachar, West Bengal, could get derailed due to land acquisition problems and environmental concerns. The project was shifted earlier to Nayachar after violence erupted in Nandigram-the original site, over land acquisition. The Petroleum and Chemical Petrochemical Investment Region (PCPIR) at Nayachar is a joint venture between the West Bengal Industrial Development Corp. and New Kolkata International Development. IOC was to be the anchor investor at the PCPIR, to develop the chemical hub in 10,000 acres, including some islands. Spread over 11,000 acres, Nayachar lies in the coastal regulation zone, where industry is prohibited under the Environment (Protection) Act of 1986. Further, the area is prone to intense tidal activity, which recedes almost as fast as it builds-piling up sand into land-like formations and disappearing at equal pace. With some fishermen living on the island, displacement is also an issue. The final decision on the new site awaits an environment impact analysis as well as approval of the Union government.
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