The PCPIR project to be located in the Cuddalore and Nagapattinam districts of the state covering an area of 256.83km2 includes committed investment of INR221.60bn ($3.99bn).
The PCPIR project will have two anchor tenants namely Nagarjuna Oil Corporation (NOCL) and Chennai Petroleum Corporation (CPCL) to set up a refinery project and a refinery cum petrochemical complex respectively in the state.
NOCL, a joint venture (JV) between the Tamilnadu Industrial Development Corporation and Nagarjuna Fertilisers and Chemicals will set up a 6 million metric tons per annum refinery project at Cuddalore for a value of INR96.60bn ($1.74bn).
The JV is expecting to complete the refinery construction in September 2013.
NOCL has already finalized the in-house configuration mapping to expand the refinery by 9 million tons and increasing the total crude processing capacity to 15 million tons per annum by 2015-16.
The JV also has plants to set up a Xylene production facility, Purified Terephthalic Acid (PTA) – plant and a Propylene recovery unit.
CPCL, the second anchor tenant is planning to start an integrated refinery cum petrochemical complex with an annual capacity of 15 million tons which will also have an ethylene cracker, downstream derivative units as well as aromatic complex Para-Xylene.
CPCL has designed the project to produce 1.2 MMTPA of Ethylene.
The estimated investment in the project is expected to be INR400bn ($7.2bn) beyond the period 2015.
The PCPiR project work includes developing physical infrastructures such as roads, rail, air links, ports, water supply, power, desalination plant, common effluent treatment plant (CETP) etc. for a value of INR133.54bn ($2.4bn).
The infrastructure will be developed through public private partnerships and will also be funded by the federal/central government through the Viability Gap Funding.
