Asian Development Bank's offer - a blessing for proposed green-field petrochemical complex near Machilipatnam

07-Jul-16

The Asian Development Bank (ADB)’s offer to extend a massive loan to the Visakhapatnam-Chennai Industrial Corridor has come as a blessing for the proposed green-field petrochemical complex near Machilipatnam. The State government can now give it a fresh impetus to boost investments in the region. Machilipatnam has been chosen as the location for it as a major expansion of the Visakha Refinery is under way at Visakhapatnam.

According to official sources, the petrochemical complex will be set up by a joint venture of the Hindustan Petroleum Corporation Limited and the Gas Authority of India Limited with a total outlay exceeding Rs.25,000 crore. The project cost is to be shared by the ADB, Ministry of Petroleum and Natural Gas and the Andhra Pradesh government and it has been given in-principle clearance by the Central Government.