The Cabinet has recently approved the Policy for setting up of Petroleum, Chemical and Petrochemical Investment Regions (PCPIR), and the same is to be notified. The PCPIR is a specifically delineated investment region having an area of about 250 sq. kms. (with at least 40% area earmarked for processing activities). This region would be a combination of production projects, public utilities, logistics, environmental protection, residential areas and administrative services.
The purpose is to encourage global scale investment in petroleum, chemical & petrochemical sectors to accelerate economic growth. The Central Government will consider and approve applications from the State governments for establishment of PCPIRs in terms of this policy and also facilitate availability of external physical infrastructure linkages including rail, road, ports, and airports.
Similarly, the State Government, applying for a PCPIR, will ensure that all physical infrastructure and utilities linkages under its jurisdiction are provided. Applications received from interested State Governments for setting up PCPIRs are to be considered in terms of the PCPIR Policy.
This was stated by the Minister of State for Chemicals & Fertilizers and Parliamentary Affairs Shri B.K. Handique in a written reply in the Rajya Sabha.
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