Propylene derivative petrochemical project will be inaugurated by Prime Minister today
The propylene derivative petrochemical project being inaugurated by Prime Minister Narendra Modi here on Sunday will help the country save between ₹3,700 crore and ₹4,000 crore annually in foreign exchange as the facility will produce acrylates, acrylic acid, and oxo alcohol.
The petrochemical complex is being commissioned at an investment of around ₹6,000 crore and is part of the expansion of the BPCL’s Kochi refinery. The capacity of the refinery has been raised to 15.5 million tonnes a year.
The new facility opens up opportunities for new enterprises ranging from units producing detergents and paints to coatings, solvents, glues, water purifying agents, and plasticisers. The expansion of the refinery capacity includes facilities for Euro-IV/VI compliant auto-fuel, which is meeting the increased demand for cleaner fuel in the country.
The investment also upgraded the refinery residue stream to value-added distillates and create synergy for future diversification into value-added petrochemical products. The petrochemical unit in Kochi will stand out as a major facility as the State government has also laid the foundation for a petrochemical complex that will be home to units to use raw materials from the Kochi refinery.
Chief Minister Pinarayi Vijayan had laid the foundation for the petrochemical park on Tuesday. He also gave away allocation letters to 17 units that will be part of the petrochemical complex.
Coming up on 229 acres at Ambalamugal, close to Fertilisers and Chemicals Travancore and the BPCL refinery, the petrochemical complex will be a plug and play facility being prepared by the State for investors utilising raw materials from the Kochi refinery. The petrochemical park will come up on land acquired by the State from FACT. Out of the 482 acres taken over from the company, 171 acres has been leased to the BPCL for its petrochemical project.