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Assam cracker project achieves financial closure
May '11
Officials of Chemicals and Fertilizers Ministry revealed that, Brahmaputra Cracker and Polymer Ltd (BCPL), also known as Assam Gas Cracker Project has achieved financial closure with a syndicate of banks, headed by Punjab National Bank.

The deal involves loan agreements for Rs. 1.56 billion and capital and feedstock subsidy from government.

BCPL, a flagship petrochemical project floated by the Central government for the north-eastern region is setting up a plant to produce 220,000 tons per annum polyethylene (PE) and 60,000 tons per annum of polypropylene.

However, as against original deadline of April 2012, commissioning of the project has been deferred to July 2013.

A number of factors like bad weather, poor performance of contractors, labour strife, weak response from bidders and award of process technology licensors are being held responsible for the delay.

In order to ensure that the global volatility in crude oil does not affect the petrochemical production, the project would utilize naphtha as well as gas. Numaligarh refinery would supply naphtha for the project, while natural gas would be supplied by the Oil and Natural Gas Corporation.

Gas Authority of India Ltd is the main promoter of the BCPL and has a 70 percent stake in the project, while Numaligarh Refinery Ltd, Assam Industrial Development Corporation, Government of Assam and Oil India Ltd are other promoters.

Fibre2fashion News Desk - India

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