In a significant step towards bolstering India’s economic growth and promoting self-reliance, Prime Minister Narendra Modi is set to lay the foundation stone of the Downstream Petrochemical Complex and Refinery Expansion Project at Bharat Petroleum Corporation Limited’s (BPCL) Bina Refinery in Bina, Madhya Pradesh, on September 14, 2023. This ambitious project, with an investment of ₹49,000 Crore, is poised to bring prosperity and employment opportunities to the Bundelkhand region while contributing to India’s goal of becoming a 5 trillion-dollar economy.
BPCL’s vision for a modern Petrochemical Complex within its Bina Refinery aims to enhance the refinery’s capacity to 11 Million Metric Tonnes Per Annum (MMTPA) while producing over 2,200 Kilotons of petrochemical products. The project is scheduled for completion within five years and will utilize captive feedstock like Naphtha, LPG, Kerosene, and more from the Bina Refinery for its Ethylene Cracker Complex.
One of the most promising aspects of this endeavour is the employment opportunities it will create. The Petrochemical Complex is expected to open doors for numerous downstream businesses in fields such as plastic manufacturing, pipes, packaging materials, plastic sheets, automobile parts, medical equipment, moulded furniture, and various other domestic and industrial products. It promises to be a boon for the young entrepreneurs of the Bundelkhand region, offering diversified employment avenues.
The Government of Madhya Pradesh has been a steadfast supporter of this project, offering fiscal incentives, including SGST refunds, interest-free loans, interest subsidy assistance, concessional power, exemption of stamp duty, and more. This significant investment is projected to generate more than 1 lakh direct and indirect job opportunities while also leading to annual foreign exchange savings of ₹20,000 crores.
Moreover, the downstream industries, ancillaries, and service units associated with this project are expected to create a ripple effect in terms of employment generation and economic growth. This aligns perfectly with India’s vision of Atmanirbhar Bharat (self-reliant India) by establishing a global manufacturing hub for chemicals and petrochemicals.
The Petrochemical Complex will also produce aromatics such as Benzene, Toluene, and Mixed Xylene, which are crucial for various downstream industries, ancillary units, and service providers. These products find applications in a wide range of products, including lamination films, packaging materials, automobile parts, furniture, and more.
Additionally, the production of petrochemicals and chemicals like Styrene, Phenol, Acetone, Cumene, Nitrobenzene, and Aniline will cater to industries such as paint, pharmaceuticals, and automotive manufacturing.
The implications of this project extend beyond the immediate economic impact. It is expected to catalyse industrial development not only in Madhya Pradesh but also in the entire Bundelkhand region. Easy access to petrochemical feedstock will further enable the government’s vision of establishing a ‘Petroleum Chemicals and Petrochemicals Investment Region (PCPIR)’ in the state, attracting major investments in segments like films, fibres, injection moulding, blow moulding, pipes, conduits, automobile parts, and more.
