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The International Petroleum Investment Company of Abu Dhabi has stated that it would depute a technical team of experts to identify suitable location for setting up a refinery in Andhra Pradesh.
During the CII Partnership Summit 2012 held in Hyderabad in January, the BR Shetty Group of Abu Dhabi had entered into a memorandum of understanding with the Andhra Pradesh Government for setting up a petroleum refinery with an investment of $ 6 billion (about Rs. 30,000 crore).
During a visit of AP delegation, the company assured to follow up and depute a team.
Dr J Geetha Reddy, AP Minister of Industries, along with Mr. T.S. Appa Rao, Principal Secretary Industries and Mr Karikal Valaven, Commissioner of Industries, met Mr Khadem A. Al Qubaisi, Managing Director of International Petroleum Investment Company owned by the Abu Dhabi Government and Dr B.R. Shetty.
According to a Government statement, after detailed discussions, Mr Al Qubaisi has expressed keen interest in establishing a petroleum refinery in Petroleum, Chemical and Petrochemical Industrial Region (PCPIR) of Andhra Pradesh coming up in the Kakinada-Vizag corridor.
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