BL reported that Amerind Petroleum Private Ltd has signed up with the Andhra Pradesh government to establish an INR 12,000 crore refinery complex near Visakhapatnam in the PCPIR by relocating an existing US refinery.

The State is developing a petroleum, chemicals and petrochemical investment region near Vizag, wherein it has decided to allocate necessary land for the project.

A memorandum of understanding was inked today in the Secretariat. Amerind has a technical collaboration with the American Industrial Corporation, the latter is a consortium of 14 US companies, to set up a petroleum refinery with initial capacity of 7.5 million tonnes of crude per annum, which is about 150,000 barrels a day.

To be set up on a turnkey basis by AIC, in phase I, it is proposed to relocate an existing running refinery acquired for INR 2,525 crore (about USD 505 million). In phase II, this would be expanded to 15 million tonne along with the setting up of INR 8.611 crore petrochemical complex.

Addressing a media conference, Ms J Geetha Reddy state major industries minister said that project would be provided necessary land and extended incentives as per the industrial promotion policy 2010-2015. Since this is a mega project, it would be considered for special package of incentives.

(Sourced from BL)