Andhra Pradesh Chief Minister N Chandrababu Naidu has announced plans to explore the establishment of an oil refinery and petrochemical complex in the state with an investment of Rs 60,000 crore.
The announcement followed a meeting with Bharat Petroleum Corporation Limited (BPCL) officials, led by Chairman and Managing Director Mr Krishna Kumar.
“Strategically placed on the eastern coast of the country, our state has significant petrochemical potential. Today, I met with representatives of BPCL to explore the establishment of an oil refinery and petrochemical complex in Andhra Pradesh with an investment of Rs 60-70,000 crore. I have sought a detailed plan and feasibility report in 90 days. About 5,000 acres of land will be required for this project, which the government looks forward to facilitating in a hassle-free manner,” Naidu shared on social media.
This development comes after Naidu's recent meeting with Union Finance Minister Nirmala Sitharaman, where he pressed for enhanced financial support for the debt-burdened state.
Naidu presented a detailed memorandum to Sitharaman, outlining Andhra Pradesh's financial needs and justifications for increased allocation. He also met Defence Minister Rajnath Singh and Health Minister J P Nadda, seeking funds for the Polavaram irrigation project, special assistance for backward regions, and support for developing the new capital, Amaravati.
Naidu also requested the resolution of pending issues from the bifurcation of Andhra Pradesh.
The public debt of Andhra Pradesh has risen from 31.02 percent of the Gross State Domestic Product (GSDP) in 2019-20 to 33.32 percent in the 2023-24 fiscal year.
In addition to meeting with key union ministers, Chandrababu Naidu also met Prime Minister Narendra Modi last week.
Naidu's Telugu Desam Party (TDP) is a crucial partner of the Bharatiya Janata Party (BJP) within the National Democratic Alliance (NDA), with 16 Lok Sabha MPs supporting the Modi government.
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