India's Bharat Petroleum Corp (BPCL.NS) plans to invest $11 billion in southern Andhra Pradesh state for a new refinery and petrochemical project to meet rising fuel demand in the world's fastest-growing major economy, its chairman said.
India wants to emerge as a major refining hub supplying fuel to the global markets as Western companies are cutting crude processing capacities in favour of energy transition.
BPCL has started pre-project work including land purchase to build at least a 9 million metric ton per year (tpy) refinery and ethylene cracker in Andhra Pradesh.
The project will have a 35% petrochemical intensity and could cost 900 billion-950 billion rupees ($10.56 billion-$11.14 billion).
(Reporting by Nidhi Verma; Editing by Angus MacSwan)
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