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Prime Minister Narendra Modi will visit Bina (Madhya Pradesh) recently to lay the foundation stone of Bharat Petroleum Corporation’s (BPCL) petrochemical complex and refinery expansion.
BPCL has envisioned a modern petrochemical complex at its Bina refinery. The investment of ?49,000 crore would bring prosperity and happiness in the entire region of Bundelkhand, the Ministry of Petroleum and Natural Gas (MoPNG) said.
Under this project, the capacity of Bina Refinery would be enhanced to 11 million tonnes per annum (MTPA), which would produce more than 2,200 Kilo tonne petrochemical products. The entire project would be completed in five years. The Ethylene Cracker Complex will use captive feed stock like Naphtha, LPG, Kerosene, etc. from Bina refinery, it added.
Once completed, the complex would bring many diversified employment opportunities to the young entrepreneurs of Bundelkhand region. It would open doors for various downstream business manufacturing units in plastic, pipes, packaging material, plastic sheets, automobile parts, medical equipment, molded furniture, and other items of domestic and industrial use.
Madhya Pradesh has been supporting the project by providing fiscal incentives under SGST refund, interest free loan and interest subsidy assistance, concessional power, exemption of stamp duty, etc.
The investment shall result in creating more than 1 lakh direct or indirect employment opportunities along with saving of foreign exchange worth ?20,000 crore per annum.
“This project will catalyze industrial development in the state of MP and the entire Bundelkhand region with easy access to petrochemical feedstock. It will enable government’s vision of setting up a Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) in the state, which will attract major investments in the segments such films, fibers, injection molding, blow molding, pipes, conduits, automobile parts, etc,” the Ministry noted. |
