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Rajasthan Govt Expects Rs 150 bn Investments in Petrochemical Zone

The state government will start allotment of land in the Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR) from July this year and it expects an investment of Rs 150 billion in the area and job opportunities for 1,50,000 people.

 

At a global virtual meeting organised on Wednesday by CII between potential investors from across the world and state government, representatives from nearly 100 companies like Saudi Arabia, the UAE, Oman, Germany, the UK, the USA, Switzerland, Netherland, France, Japan, Singapore, Taiwan, Brazil, Bahrain, Jordan, South Korea, and South Africa participated.

 

Senior ministers and officials of the state assured investors of support and opportunities in the sector. “It is the first global dialogue for investment, however, we wish to hold it as a continuous process for facilitating investments in the region,” said industries minister Parsadi Lal Meena.

 

The PCPIR is being developed by RIICO near the 9 MMTPA HPCL Rajasthan Refinery and Petrochemical Complex in Barmer district. A range of petrochemical products, including polyethylene, polypropylene, butadiene, benzene and toluene from the refinery will be available for the downstream industries in the region. Situated nearly 9-13km from the refinery, the first phase includes 93 industrial plots spread over 243 hectares.

 

The state government through the dialogue also sought suggestions to improve the investment ecosystem. “New mining policy is being drafted and the suggestions of the participants are most welcome and those would be included for consideration of state government,” said Pramod Jain Bhaya, mines and petroleum minister.

 

The Rajasthan government’s efforts in advance of the global auction also drew appreciation of HPCL chairman Mukesh Kumar Surana. He said that early commencement of work on PCPIR would give investors adequate time before operations of refinery commence next year. He said that there was some impact of Covid on progress of refinery development, however, work has now resumed at normal pace.

 

Principal Secretary to CM and RIICO chairman Kuldeep Ranka highlighted the advantages for investment in the PCPIR. During his presentation on opportunities in petroleum sector, MD RIICO Ashutosh Pednekar said that India’s per capita plastic consumption at about 11kg is much less to the world average of 33kg and it offers huge growth potential in products of petrochemicals. Advisor to CM Govind Sharma and Arvind Mayaram also addressed the participants and informed of the investment opportunities.

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