ONGC asks for free land, fiscal incentives to set up Kakinada project

28-Dec-07
Oil and Natural Gas Corporation's (ONGC) fresh list of conditions to set up the Rs 25,600 crore export-oriented refinery-cum-petrochemical project at Kakinada includes 950 hectares of land free of cost from Andhra Pradesh government and fiscal incentives in the form of exemption from sales tax on sale of petroleum and petrochemical products. ONGC also wants fiscal concessions that are granted to a Special Economic Zone, free power and water supply to the project from the state, road and rail connectivity, develop sewage and refinery effluent disposal system and communication connectivity. It is perceived that the enhanced capacity of the refinery to 15 mln tons assures only a 10.27% rate of return that will be rendered negative in case of a 10% rise in capital cost.
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