Andhra Pradesh state inks MoUs over 60,000 cr for funding refineries, petrochemicals complex

13-Jan-12

Memorandums of understanding (MoUs) for projects worth Rs 1,00,000 crore were signed on the opening day of Andhra Pradesh’s Partnership Summit. Two big proposals are from the GMR group- from GMR Holdings for a Rs 30,000 crore refinery-cum-petrochemicals complex. The other, a Rs 3,000 crore multi-product SEZ, was from GMR Infrastructure. Another MoU for a petroleum refinery was inked with BR Shetty group for a Rs 30,000 crore project near Visakhapatnam, as per Financila Chronicle. GMR’s 30,000 crore investment will be towards a refinery with a downstream petroleum complex with an annual capacity of 15 mln tons in an SEZ. GMR will look for a strategic partner to implement the project. This will be the GMR group’s second project in the petroleum sector. The first will be in the Kakinada petrochemicals complex from which ONGC has withdrawn. The group will pick up the divested stake and be a 51% equity partner in Kakinada Refinery & Petrochemicals.