Steel magnate LN Mittal, France’s Total, Hindustan Petroleum Corporation (HPCL), Oil India and GAIL have announced they will decide by December this year, on the feasibility of spending $6bn to set up a 14 million tonne per annum (tpa) refinery and petrochemical plant at Visakhapatnam in Andhra Pradesh, India.
The five companies had signed an agreement in October last year to set-up a 15 million tonne refinery and 1 million tonne petrochemical complex, with the capacity of the refinery now reduced to 14 million tonnes ‘to make it more feasible’.
“The pre-feasibility study is on. Before the end of the year we will know if we will move ahead with the project,” Total Asia-Pacific Senior Vice-President Thierry Pflimlim is believed to have said recently.
The project is expected to be completed 4-5 years from the start of construction.
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