Kuwait firm to sets up Rs 49,000 crore oil refinery in TN

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January 24, 2020 1:20 AM

Palaniswami said the state government has been attracting several new investments from various companies, making the state a front runner in the industry sector.

The state cabinet on Monday had cleared the proposal to establish the oil refinery complex in Tuticorin which will produce BS-6 petroleum products, among others. (Representative image)The state cabinet on Monday had cleared the proposal to establish the oil refinery complex in Tuticorin which will produce BS-6 petroleum products, among others. (Representative image)

Tamil Nadu chief minister K Palaniswami on Thursday said Kuwait-based Al Kharafi will set up an oil refinery and a petrochemical manufacturing facility in the state with an investment of Rs 49,000 crore. With the building of the refinery, the southern districts of the state would see development like Jamnagar in Gujarat and Jurong Island in Singapore, he said.

The state cabinet on Monday had cleared the proposal to establish the oil refinery complex in Tuticorin which will produce BS-6 petroleum products, among others.

Delivering a speech at the foundation stone laying ceremony of DLF DOWNTOWN, for housing IT and ITeS companies here, the chief minister said China-based BYD Group also plans to make investments in the state. Around 59 companies, which signed MoUs with the state government in the second edition of the GIM here in January last year, have commenced production, he said. Another 213 projects are under various stages of implementation, he added.

Palaniswami said the state government has been attracting several new investments from various companies, making the state a front runner in the industry sector. The CM’s overseas trip last year to attract investments had resulted in MoUs being signed with various companies for Rs 8,835 crore that would generate 35,520 jobs. The CM said as part of issuing faster clearances, a committee headed by him had so far issued single window clearances to 36 projects valued at Rs 14,728 crore that would generate 22,763 jobs. Plans are on the anvil to set up defence and aerospace parks and an electric vehicle park in the state.

The chief minister said foreign direct investments have increased to Rs 1.80 lakh crore from Rs 1.33 lakh crore in the past. Palaniswami said constant efforts were being taken to improve infrastructure on the Old Mahabalipuram Road, popularly known as IT corridor, in line with growing needs.

“Many new projects such as phase-II of Chennai Metro, widening of Old Mahabalipuram Road with byepasses at Kelambakkam and Thirupporur and flyovers at key junctions at an investment of `1,150 crore are being taken up,” he said.

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