An inter-ministerial group headed by cabinet secretary has cleared a proposal of the Tamil Nadu government to set up a petroleum, chemicals and petrochemicals investment region (PCPIR) to attract Rs 1,00,000 crore in investment. A note will be moved by Union chemicals and fertilisers minister before the cabinet committee on economic affairs (CCEA) seeking final nod for the mega project.
The PCPIR will set up the region over 25,683 hectares across Cuddalore and Nagapattinam districts in the state. Nagarjuna Oil Corporation (NOCL) is the anchor investor for the region. NOCL is a joint venture between Tamil Nadu Industrial Development Corporation (TIDCO) and Nagarjuna Fertilisers and Chemicals (NFCL). The joint venture is setting up a refinery project in the region with a capacity of 6 mln tpa. NOCL has invested Rs 4,500 crore and has projected an additional investment of Rs 5,000 crore in the region by February 2012. It has plans to invest Rs 12,500 crore in expanding the refinery project to 15 million tons by 2015. The second anchor investor in the region will be Chennai Petroleum Corporation (CPCL), which plans to establish an integrated 15 mln tpa refinery and petrochemical complex.