Nagarjuna Oil Corporation will start work on the Rs 12,000-crore expansion of its oil refinery in 2014.
The expansion will take the annual refining capacity of the six-million-tonne refinery coming up in Cuddalore, Tamil Nadu, to 15 million tonnes. The expansion will be completed in 2016. The refinery project is a joint venture between the Hyderabad-based Nagarjuna Group and the Tamil Nadu Industrial Development Corporation Ltd, a State-run, industry promotion agency. In the first phase, the total investment will be over Rs 9,660 crore. The project is at an advanced stage of implementation and is considered the largest private sector investment in the State. The project will be the anchor unit for the Petroleum, Chemicals and Petrochemicals Investment Region in Cuddalore and Nagapattinam, which are to be developed as a hub for attracting investments in the petrochemical sector. A revised proposal to develop the region has been sent to the Department of Chemicals and Petrochemicals, Government of India, in January 18, according to the policy note on industries tabled in the Assembly today. The plan is to bring in investments of over Rs 13,354 crore in infrastructure such as roads and utilities to support industrial development in this sector. This is expected to catalyse industrial investments of over Rs 92,160 crore over the next ten years and generate 7.5 lakh jobs.
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