Kochi: The Environment & Forests Ministry has granted environment clearance to the Rs 14,225 crore Integrated Refinery Expansion Project (IREP) of Bharat Petroleum Corporation to be implemented at Kochi Refinery Ltd.
BPCL, Kochi Refinery, has a refining capacity of 9.5 million tonnes per annum (MTPA), producing Euro-III/IV compliant auto-fuels and various other Petroleum Products, Kochi Refinery Ltd said in a release.
With the demand of petroleum products increasing, refining capacity of the Nation has to be enhanced periodically. The IREP of BPCL, Kerala is an effort to meet country’s growing energy needs and make auto-fuels more environment friendly, it added.
The project proposed by BPCL envisages increasing the refining capacity of Kochi refinery to 15.5 MTPA, modernisation of refinery to produce auto-fuels complying with Euro-IV/Euro-V specifications, and Upgradation of low value refinery residue stream to value added products.
The Kerala government has signed an MoU with BPCL during the Emerging Kerala Investors Meet for the implementation of the project, which is scheduled to be completed by December 2015.
The propylene-based petrochemical complex is envisaged as Joint Venture where the JV partner's technology and marketing expertise will be used. BPCL has already signed an MoU with Petrochemical major M/s LG Chem, South Korea.
The estimated investment on this Petrochemical JV is estimated to be in the range of Rs 5,000-6,000 crore and the complex is expected to be on stream in tandem with the above expansion project.
This investment totaling to about Rs 20,000 crore is the single largest investment in the state, which can generate ample employment opportunities as well as all-round economic growth and development.
First Published: Thursday, November 22, 2012, 22:39