The Hindu Business Line : `ONGC refinery project, Kakinada SEZ are on'

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Hyderabad Feb. 24 Oil and Natural Gas Corporation has communicated to the Andhra Pradesh Government that it would take up both special economic zone and Rs 22,000-crore refinery projects near Kakinada.

This communication removes the uncertainty that the project faced. In fact, after a memorandum of understanding with the State Government, the project was put on hold. Initially, it was proposed to invest about Rs 12,000 crore. But as it transpires, ONGC plans to invest about Rs 22,000 crore in the Andhra Pradesh project.

Oil hub

The Managing Director of Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), Mr B.P. Acharya, today said the ONGC management had recently communicated to the Chief Minister, Dr Y.S. Rajasekhara Reddy, about their plans to establish a 15-milliontonnes per annum plant. He was speaking at a meeting on natural gas and petrochemical infrastructure development opportunities in Andhra Pradesh.

The Chief Executive Officer of Kakinada SEZ Ltd, Mr M.S. Murthy, said that the port-based SEZ would be developed by ONGC, IL&FS and Kakinada Seaports Ltd, consortium.

The master plan would be ready by March 2007 and the financial closure for the SEZ would be completed by October.

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