Govt. plans Mega Port project to cater to PSU oil majors' $40-bn petrochem complex

Posted by Daily Shipping Times on 28-11-2017        Tweet

MUMBAI: The Centre has flagged off a techno-economic feasibility study to build a mega port to cater to the $40 billion West Coast refinery and petrochemicals complex being planned by three state-run oil firms. The proposed port will come up at Vijaydurg in Maharashtra’s Sindhudurg district

“We are exploring the feasibility of a refinery-based Government port in Vijaydurg,” I Jeyakumar, Chairman of Mormugao Port Trust said recently.

“An in-principle decision has been taken by the Government in this regard. Already, we have had advanced level discussions with the PSU oil refineries. We have mandated Tata Consulting Engineers Ltd to prepare a techno-economic feasibility report on the proposed port project to help us take a final decision,” Jeyakumar added.

Joint venture

The proposed port will be developed through a joint venture between Mormugao Port Trust, Mumbai Port Trust and Maharashtra Maritime Board (MMB) – the State Government agency tasked with developing ports in Maharashtra, he said.

Indian Oil Corporation Ltd (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) signed a joint venture in June this year to build one of the world’s largest integrated refinery and petrochemicals complex with a capacity of 60 million tonnes a year. The refinery is expected to start operations in 2022.

Atul Patne, CEO of MMB said that the Jupiter Capital-Privilege Hitech team has been granted a two-year extension to complete the pre-construction formalities. “They will submit environment clearance and go ahead with the project,” he said.