Andhra govt, BPCL explore possibility of setting up Rs 60,000 cr petrochemical complex

Amaravati: Andhra Pradesh Chief Minister N Chandrababu Naidu on Wednesday met Bharat Petroleum Corporation Ltd officials here to explore the possibility of setting up an oil refinery and petrochemical complex, which could attract investments worth Rs 60,000 crore.

The Chief Minister met with Bharat Petroleum Corporation Ltd (BPCL) chairman and managing director G Krishna Kumar at the secretariat.

"We explored the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of 60-70,000 Cr. (Rs 60,000 to Rs 70,000 crore," said Naidu in a post on X.

We are on a mission to rebuild Andhra Pradesh. Given where the previous government had left it, this will be a humongous challenge. I require everyone's support in this mission, and particularly the media which is the fourth pillar of our democracy. Media plays a crucial role in… pic.twitter.com/67DTk1nmI0

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He directed officials to prepare a detailed feasibility report in 90 days, noting that the state is strategically located on the east coast of the country with significant petrochemical potential.

According to the CM, up to 5,000 acres of land is required for a project of this magnitude and vowed that the state government will look forward to facilitating it in a hassle-free manner.

BPCL is a Maharatna public sector undertaking and a Fortune 500 company, which is into oil refining and fuel retailing businesses, among others.

Similarly, Naidu also met the chief executive of VinFast, Pham Sanh Chau, an automobile conglomerate from Vietnam.

"Had an engaging discussion with the CEO of VinFast Pham Sanh Chau. VinFast is a leading automobile conglomerate from Vietnam. Have invited them to set up their EV (electric vehicle) and battery manufacturing plant in Andhra Pradesh," said Naidu.

The CM directed the Industries department to facilitate VinFast team's visits to suitable land parcels and wished for a successful collaboration with the Vietnamese company.

VinFast's parent company Vingroup has business interests in a plethora of industries, which also include technology, industrials, real estate and services, among others.