Investment worth Rs. 70,000 crore is expected to flow in Rajastha’a Petroleum and Petro Chemical projects in the next 4 years, union petroleum minister Dharmendra Pradhan said on Tuesday at a function in Jaipur.
Speaking at the MOU signing ceremony between Rajasthan Government and HPCL for setting up Refinery at Pachpadra, Pradhan said about Rs 43000 crore will be in invested in the refinery to be set up in Pachpadra in Barmer
Pradhan and Chief minister of Rajasthan Vasundhara Raje presided over the MOU signing ceremony. The MoU was signed by the Director Refineries HPCL Vinod S. Shinoy and Principal Secretary, Department of Mines and Petroleum, Government of Rajasthan Ms. Aparna Arora.
Another bilateral trade agreement was inked between Rajasthan State Gas Limited and GAIL Gas Limited was signed for creating a city gas network in Kota district of Rajasthan.
Minister Pradhan said that re-negotiation between Rajasthan Government and HPCL has resulted in a saving of Rs. 40000 crore to the state exchequer.
State owned HPCL will hold a74% stake in the refinery whileRajasthan Government will have an equity of 26%.
This state of art refinery will be producing 9 million metric ton of petroleum conforming to BS VI standards.
Pradhan assured that the construction work of refinery will begin in the current financial year and will be completed in four years.
Referring to Prime Minister Ujjwala Yojna, Pradha
On her part, Ms Raje expressed the hope that in coming 5-10 years, the whole scenario in western Rajasthan will witness a drastic change following the setting up of refinery.
Earlier, the Chairman & Managing Director of HPCL Mukesh Kumar Surana
The Minister of State for Mines & Petroleum, Government of Rajasthan, Surendra Pal Singh welcomed the guests.
Secretary, Ministry of Petroleum & Natural Gas, Government of India, Kapil Dev Tripathi, senior Ministers and Officials of Rajasthan government and other dignitaries were present on the occasion.