Chief Minister of Rajasthan Ashok Gehlot on Wednesday (January 27, 2021) will hold a virtual discussion in a webinar with representatives of countries across the world and multinational companies regarding opportunities in the upcoming Petroleum, Chemicals and, Petrochemicals Investment Region (PCPIR) near HPCL Rajasthan Refinery and Petrochemical Complex in Barmer. The PCPIR is being developed by Rajasthan State Industrial Development and Investment Corporation Limited (RIICO) and will host downstream industries of the refinery. A range of petrochemicals including Polyethylene, Polypropylene, butadiene, benzene and toluene from the refinery will be available for the industries in the region.
The PCPIR is emerging as a lucrative global investment destination in petrochemicals and ancillary industries due to the advantages of location, connectivity, resources, and policy incentives being offered by the Government of Rajasthan. The state government has included Petroleum, Chemicals, and petrochemicals among the thrust areas of its Industrial policy and is extending 25 percent capital investment subsidy on plant and machinery up to Rs 0.5 crore or 5 percent interest subsidy for 5 years up to Rs 0.25 crore per year. The projects of more than Rs 100 core and employing more than 200 persons would also be eligible to apply for customised packages.
The webinar will be participated by several multinational companies such as Shell, ExxonMobil, Mitsubishi Corporation, Wacker Polymer, Petro China, and Indian companies including Reliance, Vedanta, and SRF. The meeting is expected to bring in further recommendations from the potential investors for the planning of the region. The first phase of PCPIR has already been developed by RIICO spread over 243 hectares of land at a distance of 9 kilometers from the refinery site and is expected to open for global bidding this year.