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Kerala extends incentives to BPCL's petrochemical complex
Sep '12
The Government of Kerala, a state in southern India, will extend tax deferment and other incentives to the Rs. 200 billion petrochemical complex and Integrated Refinery Expansion Project (IREP) of Bharat Petroleum Corporation (BPCL).
The state government has signed a Memorandum of Understanding (MoU) for the purpose, which offers various incentives like exemption of works contract tax and deferment of Kerala Government sales tax, VAT and CST.
The IREP project envisages increasing the capacity of Kochi refinery to 15.5 MMTPA from the present 9.5 MMTPA.
The project also includes production of propylene, used as a raw material in making nylon, which would trigger further expansion, BPCL Chairman and Managing Director RK Singh said.
The project, when it gets completed by 2015-end, would create 1,000 direct and 25,000 indirect employment opportunities.
BPCL has signed a separate MoU with South Korean petrochemical major LG Chem for setting up a propylene-based petrochemical complex, Mr. Singh said.

Fibre2fashion News Desk - India

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