Oil major to set up refinery in Cuddalore at Rs 50,000 crore

The “During the recent trip of the Chief Minister to western countries to woo investors, representatives of the oil refinery company met him and discussed about the prospects of setting up an oil refinery plant in Tamil Nadu. As an outcome of the meeting, the oil refinery at Cuddalore plant will be set up,” an official from the Industries Department said.

Officials also said that representatives from Haldia petrochemicals were in search of a suitable place for setting up the refinery plant and were in talks with the top brass of the government. After government identified land in Cuddalore, the company decided to invest in the State.

Palaniswami has assured the representatives that permission for the plant would be expedited and directed Industries Minister MC Sampath to oversee the process, said officials.

Recently, the State cabinet had accorded permission for setting up an oil refinery plant of Al Karafi, a Kuwait-based firm, in Thoothukudi, at the cost of Rs 40,000 crore. In 15 days, two oil refinery companies have come up with the proposal of setting up oil refinery plants with an investment of Rs 90,000 crore in the State.

Following the success of the second edition of Global Investors Meet (GIM) held last year, EPS visited three foreign countries including the US, the UK and Dubai in August and September last year and signed MoUs worth more than Rs 8,000 crore to the State. He also held discussions with representatives of various companies, and some had assured him of investment.