Visakhapatnam-Kakinada Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) appears to be all set to take off after experiencing long gestation period with the State government expressing its keenness to woo investors.
Oil major HPCL, which has proposed a Greenfield refinery and petrochemical complex with an estimated investment of $8 billion has been offered a choice to finalise a site at Atchutapuram or Nakkapalli by the PCPIR Special Development Authority.
Petronet LNG Limited, which signed an MoU with Gangavaram Port for setting up two-phase 10 million tonne LNG terminal, has already obtained clearance from Ministry of Environment and Forests. The project envisaging an investment of Rs.9,000 crore is all set to be grounded soon.
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GMR is also contemplating a Greenfield refinery at Kakinada SEZ. Several minor ports are proposed between Visakhapatnam and Kakinada to cater to the huge demand for evacuating both liquid and bulk cargo.
According to the officials of PCPIR-SDA, their projected investment in the petroleum corridor coming up in an area of 603.89 sq. km is Rs.3,43,000 crore in a span of five to seven years.
Various projects in the corridor are expected to create jobs for 1.20 million people.
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“The draft master plan has been sent to the government for approval. We are trying to get all the studies completed by EPTRI and other agencies to submit a report to MoEF by December,”
VUDA Chief Urban Planner R.J. Vidyulata, who is coordinating the project, told The Hindu .
On infrastructure, the State government will invest $450 million and the Central overnment is expected to give $1.3 billion for logistics like highway links, airports and rail connectivity.
“Andhra Pradesh is blessed with India's first PCPIR which is all set to attract huge investments both domestic and foreign changing the landscape of the entire region,” said CII Vizag zone vice-chairman Neeraj Sarda.
PCPIR will consist of several SEZs, industrial parks, free trade and warehousing zones, growth centres and export-oriented units. Internal infrastructure will be developed by APIIC and will be maintained by a developer or a group of developers. It will have specifically delineated investment regions.