HYDERABAD: A petroleum refinery will come up near Visakhapatnam in the Petroleum, Chemicals, Petrochemicals Investment Region of the state.A memorandum of understanding between the Andhra Pradesh government and Al Aebla Al Waya Inc, represented by Group General Trading and Contracting Co (GGTC), a leading company in Kuwait known as Watya India Consortium (WIC), was signed by incharge commissioner of industries Vikas Raj and WIC director (oil gas) Mohd Ali Aljazzaf in the presence of chief minister N Kiran Kumar Reddy here on Thursday.The WIC will establish the project, which will have a capacity to refine 4 lakh barrels of petroleum per day (BPD), in phases.The first phase, costing $ 2 billion, will have one lakh BPD capacity. The state government has agreed to grant incentives to the project, which qualifies as a mega project, subject to eligibility and entitlement to the benefits as given in AP Industrial Investment Promotion Policy for 201015.The government will also consider the request for reimbursement of VAT.Land has been identified and the handing over procedures are under way. The government has asked the commissioner of industries to facilitate all needed clearances, according to an official press release issued here on Thursday.
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