PM Modi To Lay Foundation Stone Of Rs 49,000 Cr Refinery Project In MP
Prime Minister Narendra Modi will be laying the foundation stone of Rs 49,000 crore petrochemicals complex and refinery expansion project of Bharat Petroleum Corporation’s (BPCL) Bina refinery in Madhya Pradesh on Thursday.
As per an official statement by the oil company, the project will "bring prosperity and happiness in the entire region of Bundelkhand.".
BPCL intends to increase Bina refinery capacity from 7.8 million tonnes per year to 11 million tonnes. The project would also generate more than 2200 kilotons of petrochemical goods. "The entire project would be completed in five years," it stated. The ethylene cracker facility will utilise captive feedstock from the Bina refinery such as naphtha, LPG, and kerosene.
The statement further said that this petrochemical complex would open the door for various downstream business manufacturing units in the field of plastic, pipes, packaging material, plastic sheets, automobile parts, medical equipment, moulded furniture, and other items of domestic and industrial use.
The Madhya Pradesh government is assisting the project by offering fiscal incentives under the State-GST refund, interest-free loans, aid with interest subsidy payments, concessionary power, and stamp duty exemption.
According to the statement, "downstream industries, ancillaries, and service units will have significant employment generation potential." The project "aligns with India's aspiration of Atmanirbhar Bharat providing by setting up a global manufacturing hub for chemicals and petrochemicals while moving towards realising the goal of making India a USD 5 trillion economy"
