40,000 crore investment to state !

At the request of the Chief Minister N Kiran Kumar Reddy, Union Minister for Petroleum Dr M Veerappa Moily today in principle agreed and directed the Hindusthan Petroleum Corporation Limited (HPCL) to workout details and follow-up action to invest about Rs 40,000 crore in Andhra Pradesh. According to a press release from the Chief Minister’s Office, the Chief Minister requested Mr Moily, who was in the city to participate in laying foundation for the Green House building of ONGC here, to sanction the proposal of expansion of HPCL Refinery at Visakhapatnam from the present capacity of 8.5 million metric tonnes per annum (MMTPA) to 15 MMTPA and another proposal to set up 9 MMTPA new project of Petro Chemical Complex with green field technology in Petro Chemical Products Investment Region (PCPIR) of the State to be enhanced to 15 MMTPA. At the request of the Chief Minister, A high-level meeting was held here at Camp Office, this morning in which Chief Minister Kiran Kumar Reddy, Veerappa Moily, Union Minister of State for Petroleum Ms Panabaka Lakshmi, State ministers including Mr Ganta Srinivasa Rao, ONGC Chairman Sudheer Vasudavan, Petroleum Ministry Joint Secretary Giridhar, Industries Department Principal Secretary Mr Pradeep Chandra and officials from GAIL and other senior officials participated. The Chief Minister directed the officials to take all steps to allocate required land for the projects and to expedite with the Government of India Officials.