Prime Minister Narendra Modi will lay the foundation stone of Downstream Petrochemical Complex and Refinery Expansion Project at BPCL’s Bina refinery at Sagar in Madhya Pradesh on Thursday. Petroleum Ministry said that in line with the aspirations of New Bharat BPCL has envisioned a modern Petrochemical Complex in its BINA REFINERY. It said, an investment of 49 thousand Crore rupees would bring prosperity and happiness in the entire region of Bundelkhand. Under this Project, the capacity of Bina Refinery would be enhanced to 11 million metric tonnes per annum which would produce more than 2200 Kiloton petrochemical products. The entire project would be completed in five years. The Ethylene Cracker Complex will use captive feedstock like Naphtha, LPG, and Kerosene from Bina Refinery.

Madhya Pradesh Government has been supporting the project by providing fiscal incentives under SGST refund, Interest-free loan and interest subsidy assistance, Concessional Power, and Exemption of Stamp Duty. The investment will result in creating over one lakh direct or indirect employment opportunities along with savings of foreign exchange worth 20 thousand crore rupees per annum. Apart from this, there will be large employment generation potential in downstream industries, ancillaries and service units.

The project is aligned with India’s aspiration of Atmanirbhar Bharat providing by establishing a global manufacturing hub for chemicals and petrochemicals while moving towards realizing the goal of making India a five trillion-dollar economy. This project will catalyze industrial development in Madhya Pradesh and the entire Bundelkhand region with easy access to petrochemical feedstock. It will enable Government’s vision of setting up ‘Petroleum Chemicals and Petrochemicals Investment Region PCPIR in the State, which will attract major investments in segments such as films, fibers, injection molding, blow molding, pipes, conduits, and automobile parts.