Nagarjuna Oil Corporation Ltd, a subsidiary of the Hyderabad-
based Nagarjuna Group in joint venture with the Tamil
Nadu Industrial Development Corporation Ltd will start the
12,000-crore expansion project of the Cuddalore oil refinery in
Tamil Nadu in 2014. The expansion, which enhances the annual
refining capacity from six million-tpa to 15 million tpa, will be completed
in 2016. Phase-I is estimated to cost
9,660 crore.
The project is at an advanced stage of implementation and is considered
the largest private sector investment in the State. The project
will be the anchor unit for the Petroleum, Chemicals and Petrochemicals
Investment Region in Cuddalore and Nagapattinam,
which are to be developed as a hub for attracting investments in the
petrochemical sector.
Meanwhile, a revised proposal to develop the region has been
submitted to the Department of Chemicals and Petrochemicals,
Government of India, in January 18, early this year, to bring in investments
of over
13,354 crore in infrastructure such as roads and utilities
to support industrial development in this sector.