TDP+ Government Explores Major Investment with BPCL for Oil Refinery in Andhra Pradesh
Hyderabad, July 10, 2024 (AT News): The newly formed TDP+ government under Chief Minister Chandrababu Naidu has marked an ambitious milestone just over a month into office with significant strides in attracting investments to Andhra Pradesh.
In a pivotal development today, CM Chandrababu Naidu met with senior management from Bharat Petroleum Corporation Limited (BPCL), including CMD G. Krishnakumar, to discuss plans for establishing an oil refinery in the state. The meeting focused on potential incentives and land allocations to facilitate this large-scale investment.
According to sources, CM Naidu assured BPCL of government support in providing necessary lands and incentives crucial for the establishment of the proposed oil refinery and petrochemical corridor. In a tweet following the meeting, Naidu outlined plans for an estimated investment of ₹60,000-70,000 crore and requested a detailed feasibility report within 90 days.
“The government is prepared to allocate approximately 5,000 acres of land for this transformative project, which will be expedited through streamlined processes,” Naidu stated in his tweet.
If realized, the oil refinery could potentially be located in strategic sites such as Machilipatnam or Kakinada, promising to create substantial employment opportunities with direct and indirect roles for over 25,000 individuals.
This initiative not only underscores the TDP+ government’s proactive approach to economic development but also underscores CM Naidu’s commitment to enhancing Andhra Pradesh’s industrial landscape. The proposed investment would significantly bolster the government’s portfolio early in its tenure and reinforce Naidu’s reputation as a pro-investment leader, distinguishing his administration from previous regimes.
