Nayara Energy To Invest Rs 1.3 Lakh Crore At Vadinar In Gujarat
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Nayara Energy To Invest Rs 1.3 Lakh Crore At Vadinar In Gujarat

By Economic Times calender  10-Jul-2019

Nayara Energy To Invest Rs 1.3 Lakh Crore At Vadinar In Gujarat

Russian oil producer Rosneft-backed Nayara Energy, formerly Essar Oil, has firmed up plans to invest Rs 1.3 lakh crore ($19 billion) as part of its expansion plans at Vadinar near Jamnagar. 

The company had unveiled its plans to invest $850 million for expansion in Gujarat at the Vibrant Gujarat summit held in January this year. However, as per the proposal submitted to Gujarat Pollution Control Board (GPCB) recently, Nayara Energy has planned a massive expansion drive. This includes setting up of a 10.75 million metric tonnes per annum (MMTPA) capacity petrochemical complex and expansion of the refinery from 20MMTPA to 46MMTPA for a total investment of $19 billion, said sources in the state government. 

A public consultation for the project will be held next month for environmental clearance. Affected locals and other concerned stakeholders will be required to send their response in writing to GPCB member secretary by evening of August 5. The pollution control body will post the responses on the website.

“This is perhaps for the first time that environmental clearance process is being carried out by way of public consultation. The environmental clearance for the Vadinar project was valid till last year. However the proposed expansion was not carried out in the given time-frame. The current promoters have decided to scale down the project from 60MMTPA to 46MMTPA. Hence we chose the public consultation route,” said a senior government official. The proposed expansion is likely to take place in the next five to 10 years, the official said. 

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