Vijayawada, July 11, 2024: Following a recent meeting between Andhra Pradesh Chief Minister N Chandrababu Naidu and Prime Minister Narendra Modi, the central government has reportedly agreed to a major demand for setting up an oil refinery and petrochemical hub in the state. According to a report by The Economic Times, this project may attract an investment of Rs 60,000 crore.
Naidu, whose Telugu Desam Party (TDP) is a crucial ally of the National Democratic Alliance (NDA), engaged in discussions with top officials from Bharat Petroleum Corporation Limited (BPCL) on Wednesday to explore the feasibility of setting up the refinery within the state. Sources familiar with the matter informed ET that three potential locations were deliberated upon: Srikakulam, Machilipatnam and Ramayapatnam.
The formal announcement of the refinery is expected in the Budget presentation scheduled for July 23, although the process of selecting the location may extend beyond the budget, the report said.
“This announcement holds political sensitivity as each location represents a different geographical segment of the state — north, central, and south,” a source requesting anonymity told ET.
Queries directed to BPCL remained unanswered at the time of publishing, said the ET report. Moneycontrol could not independently verify the report.
